“Legalization of cryptocurrencies in Ukraine: what Ukrainians think about this initiativeMost Ukrainians support the legalization of cryptocurrencies, but do not expect rapid popularity. According to forecasts, digital
assets will become popular in 10-15 years.”, — write: unn.ua
ContextIn February, it was reported that virtual currency will soon be legal in Ukraine. The head of the National Securities and Stock Market Commission, Ruslan Magomedov, told UNN that the draft law has already been sufficiently developed and should be adopted by the deputies of the Verkhovna Rada. The purpose of legalization is to launch the virtual assets market. The National Securities and Stock Market Commission has presented a matrix of virtual asset taxation, which may come into effect in the future. It is expected that the cryptocurrency market in Ukraine will be launched by the end of the year.
DetailsUkrainians in a survey conducted by UNN predict that digital assets will become popular among the population in 10-15 years.
The topic of cryptocurrency is not relevant to us at all, but I think that, perhaps, in the future, in 10-15 years, it will gain some minimal popularity, and more users will invest in cryptocurrency
Other respondents also consider digital assets to be promising, but are convinced that their development in Ukraine will be gradual and will not reach a large scale in the coming years.
Some survey participants believe that education will be the key to the development of digital assets. “Perhaps some cryptocurrency education will even begin,” one of the respondents noted.
Some of those surveyed are wary of the innovation in the financial market. “There is a draft law, we will see how it is implemented. I don’t know how they will track it, tax it and everything else,” one of the respondents said.
At the same time, some respondents believe that, despite the trendiness of the topic, the cryptocurrency market in Ukraine will experience both ups and downs. “Now it will shoot up, everyone will start doing it. Then it will freeze again, it will be postponed for some time,” one of the respondents predicts.
In general, Ukrainians agree that the development of the crypto market requires time and preparation. “Somewhere, maybe in 5 years, this will come to some global solution to the issue,” they noted, emphasizing that the issue of cryptocurrencies remains quite incomprehensible to many.
Let’s addFintech expert and co-founder of the first fintech ecosystem in Ukraine, Concord Fintech Solutions, Olena Sosiedka, explained in a comment to UNN that the lack of clear legislation in Ukraine in the field of virtual assets leads to a number of negative consequences. The first is legal uncertainty. After all, companies and investors face a lack of clear rules, which ultimately hinders market development.
No less important consequence, according to her, is the lack of protection of rights. “Now cryptocurrency users in Ukraine are left without mechanisms to protect against fraud,” Olena Sosiedka explained.
She added that due to the lack of legal regulation, the state is losing economic opportunities, because now Ukraine has limited investment and the development of fintech startups.
In addition, according to her, the legalization of cryptocurrencies will create favorable conditions for attracting foreign investment in the IT sector and fintech startups. This, in turn, will create new jobs, increase the country’s competitiveness and provide citizens with access to new financial instruments.
The fintech expert notes that the adoption of the law on cryptocurrencies will also allow the development of innovation, in particular, legalization will contribute to the development of blockchain technologies and the fintech sector.