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Title: IMF Urges Ukraine to Hasten Crypto Legislation Amid Ongoing Conflict

The International Monetary Fund (IMF) has pressed Ukraine to accelerate the process of enacting crypto legislation, citing potential economic advantages amidst the ongoing conflict. Deputy Minister of Digital Transformation Alex Bornyakov underscored the urgency of the situation, emphasizing the necessity of tapping into new economic sectors to drive growth.

Bornyakov revealed that the IMF has advised Ukraine to finalize the update of virtual asset legislation by the conclusion of 2024. He stressed that regulatory clarity in the crypto space could lead to significant economic turnover and stability.

In line with this directive, Ukraine has proposed two bills aimed at regulating virtual assets. Bill No. 10225, focusing on taxation and proposed by the National Securities and Stock Market Commission, and Bill No. 10225-1, presented by the Ministry of Digital and Crypto Business Representatives, aim to establish comprehensive regulatory frameworks. Both bills have been accepted for parliamentary consideration.

The signing of the “On Virtual Assets” law by President Zelenskyy in March 2022 demonstrated Ukraine’s commitment to crypto regulation. Yuriy Boyko from the National Securities and Stock Market Commission reiterated Ukraine’s alignment with EU crypto regulations.

Bornyakov stressed the critical importance of swift action, asserting that clear regulations would not only foster economic growth but also enhance international trust. As Ukraine grapples with geopolitical challenges, the establishment of a robust crypto regulatory framework emerges as a crucial step towards economic resilience and global engagement.

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