Official says IMF calls on Ukraine to finalize update of crypto regulation by the end of 2024
The International Monetary Fund (IMF) has called on Ukraine to expedite the completion of its virtual asset legislation by the end of 2024. This directive was communicated through a Facebook post by Oleksandr Bornyakov, a deputy minister of digital transformation responsible for the development of the IT industry in Ukraine. According to Bornyakov, the requirement was specified in the Memorandum of Economic and Financial Policies signed between Ukraine and the IMF. The IMF expressed concerns about the lack of regulation in the emerging virtual asset sector, highlighting the risks it poses to price stability and monetary transmission efficacy.
Bornyakov further stated that the Ministry of Digital Transformation team recognizes the importance of implementing state regulation in the crypto asset market. He noted that sufficient legislative groundwork has been laid, with two bills currently registered in the country’s Parliament (bill 10225 and bill 10225-1). The urgency of establishing principles for the regulation and taxation of virtual assets was emphasized by Bornyakov, who believes that proper crypto regulation will contribute to Ukraine’s economic growth and enhance trust among international partners.
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