Crypto legalization will be a new era in the development of Ukraine's financial system - fintech expert

Legalization of cryptocurrency in Ukraine may take place next year. UNN asked Olena Sosedka, co-founder of Ukraine's first fintech ecosystem Concord Fintech Solutions, how such changes in legislation will affect the Ukrainian economy.

“Legalization of cryptocurrencies in Ukraine is an extremely important step that opens a new era in the development of the country's financial system. After the official recognition of cryptocurrencies, the economy will gain significant benefits. First, it will provide greater transparency for investors and users of cryptocurrencies, which will allow them to conduct transactions within the framework of clear legal norms without exposing themselves to regulatory risks,” said Olena Sosiedka.

In addition, she said, this will create favorable conditions for the inflow of international investment, which is extremely important for the development of the Ukrainian economy.

Legalization will also provide an impetus for the development of innovative financial technologies, promote the development of blockchain platforms, and allow the government to better control transactions and taxation in this sector

According to the fintech expert, the role of cryptocurrencies in stimulating small and medium-sized businesses is additionally important, as many companies will be able to conduct transactions using crypto assets, bypassing the complexities of banking procedures. This will increase the flexibility and speed of financial transactions.

“However, along with these positive changes comes the issue of regulation. In order to avoid illegal transactions such as money laundering or terrorist financing, it is necessary to introduce clear mechanisms to control cryptocurrency markets. Thus, legalization of cryptocurrencies will not only strengthen Ukraine's position in the global financial arena, but will also contribute to the development of financial culture in the country,” said Olena Sosedka.

Recall

UNN has published a series of articles about digital currencies and their possibilities. Our first material was devoted to the technology underlying cryptocurrencies - the blockchain: “Crypto for Dummies”. Part 1: What is blockchain and its “features” that few people know about.

The second article is about bitcoin halving: “Crypto for Dummies”. Part 2: What is halving and why is it causing a stir in the cryptocurrency market?

Third material: Crypto for Dummies. Part 3: step-by-step instructions on how to buy a crypto coin.

The fourth material: Crypto for Dummies. Part 4: What are coins and tokens and what are their differences.

Fifth material: “Crypto for Dummies”. Part 5. Cold and hot wallets

Sixth material: Crypto for Dummies. Part 6. Security when using cryptocurrency exchanges and exchangers