The Ukrainian government has revealed plans to establish regulatory frameworks for the legalization of crypto in the country. The plans are part of an initiative to acknowledge cryptocurrency as an emerging technology and the Ministry of Economy and Trade wants its new policy to become fully working by the end of 2021. This was stated in an official press release made public on Friday.
During the rest of this year and in 2019, the government will integrate its framework to govern the local cryptocurrency exchange market. Trading platforms will be required to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) systems to help the government monitor things.
In 2020 the government wants to tackle the crypto mining industry, smart contract protocols and taxation of cryptocurrencies. They wants to recognize cryptocurrencies as an asset class and an establish industry. Taxes would be set at 5%