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Ukrainian digital currency trade booming

Author:Hubi Date:2018-07-25 15:01:08

In the past few years, Ukraine’s interest in digital currencies has grown and the number of digital currency transactions has increased. According to the latest report, the average daily transaction volume of Exmo, Kuna and BTC on the three largest Ukrainian exchanges is estimated at 1.9 million to 2 million US dollars (about 700 million U.S. dollars per year). This figure may be higher because at least 18 trading platforms and more than 4,000 individual traders are surveyed to provide online and offline transaction services.


A recent survey found that 72% of Internet-savvy Ukrainians know what a digital currency is, and another 23% have heard of it. The survey confirmed that at least 13% of those who use the World Wide Web have electronic money. Some Ukrainian officials have filed digital assets on their tax returns.


According to a new report entitled “Green Paper: Password Market Regulation,” Ukrainian digital currency users rank among the top 10 in the world, and local companies have created 25 new digital coins in less than two In the year, it raised US$132 million.


However, the digital currency and financial technology industry as a whole has not been regulated. Since last October, the Ukrainian parliament has issued three draft laws, but no substantive progress has been made so far. These bills include the Bill on the Circulation of Digital Currency in Ukraine, the Bill on Stimulating the Market for Digital Currency and Derivatives, and a draft amendment to amend tax laws to cover encrypted revenue and profits.


A number of government officials and agencies insist on adopting appropriate digital currency regulations, and Ukrainian cyber police is one of the regulatory agencies. In January of this year, the cybercrime cracking department also expressed its concern over digital currencies and called on the government to either ban digital currencies or legalize them “as soon as possible”.