Ukraine among top three countries in terms of virtual assets’ use

Ukraine has entered the top three countries in terms of virtual assets' use.

Deputy Prime Minister – Minister of Digital Transformation Mykhailo Fedorov said this in a Telegram post.

According to Fedorov, these are the finding of a latest study published today by the blockchain analysis firm Chainalysis.

The team of the Digital Transformation Ministry works a lot on the development and legalization of the crypto industry in Ukraine.

"We developed a relevant law 'On Virtual Assets', which was signed by the President in March," Fedorov noted.

According to him, together with Ukraine's National Securities and Stock Market Commission of Ukraine, the Ministry of Digital Transformation is continuing work on a bill amending the Tax Code of Ukraine to define the taxation of transactions with virtual assets.

"We want to create the most favorable conditions for the development of crypto business in Ukraine. So that global crypto companies can legally enter Ukraine and do business using the banking system. And Ukrainians can declare and protect their income in virtual assets," Fedorov stressed.