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Friday, June 2, 2023

Ukraine Collabs with International Consultants to Update Crypto Framework

The people in Ukraine who are in charge of regulating crypto work with crypto experts from all over the world to change a law called “On virtual assets.” The international consulting firm Ernst & Young and the USAID Financial Sector Reform initiative are on this list.

In December, the first meeting of the Advisory Council on the Regulation of Virtual Assets was held. This group was set up by the National Securities and Stock Market Commission. Its job is to figure out how to take care of digital assets. The experts on rules looked at the proposed changes to the law called “On virtual assets.”

By making these changes, the National Tax Code will be updated so that it can be used to regulate cryptocurrencies. Countries often work with experts from other countries when they want to update their rules for cryptocurrencies and other new technologies. This is usually done because the industry is constantly changing, and people and businesses need to make sure they have the proper safety measures in place.

The Ukrainian government has made several steps to make rules for cryptocurrencies and other digital assets. In 2019, the Ukrainian parliament passed a law about how the law should treat digital financial assets. 

When it comes to regulating cryptocurrencies and other digital assets, Ukraine can use the knowledge and experience of other countries and organizations that have already dealt with similar problems. This could be done by working with international consultants. This could help ensure the rules system performs and meets the needs of the Ukrainian market.

A member of the Ukrainian Parliament (Rada), Yaroslav Zheleznyak, says that the country plans to “not harm.”The plan calls for a regulatory sandbox to be set up so blockchain and Web3 technologies can be used. E-hryvnia, also called digital hryvnia, is a digital currency that the central bank of Ukraine could use (CBDC). The idea for the digital hryvnya came from the National Bank of Ukraine (NBU).

The Ukrainian central bank told people about the e-hryvnia on November 28. The purpose of the e-hryvnia is to work with both cash and non-cash forms of the hryvnia so that it can do everything that money can do.

The first choice shows how e-hryvnia can be used instead of cash in stores. It also discusses how “programmed” money could work like smart contracts. In the second CBDC option, the e-hryvnia could trade cryptocurrencies, make virtual assets, and do other similar things.

The third choice is to use the e-hryvnia to make international financial transactions faster, cheaper, and more open to the public. If we only learn one thing from this conflict, let it be that we need to help and support people who need it and that working with others gives us even more. 

Even when people work together for the common good and share resources and ideas, the results can be better. People and groups worldwide can help countries struggling to stay alive when they work together toward a common goal. People sometimes get very good results when they work hard. But how often do we find ourselves in personal or professional situations where this kind of help and support would be helpful? bitcoin code is the official trading website for Bitcoin and other cryptocurrencies.

Entrepreneurs say they are brave, creative, and often very good at working independently. But they could do much more if they worked together.

To reach this goal, you’ll need to let go, accept help and support, and, most importantly, be aware and responsive. When things are going well, get to know people so you can count on them when things get complicated.

These new family ties not only help Ukrainians who need help but also give the people who help their homes, jobs, and a chance for a better future. Entrepreneurs and business owners could both benefit from working together on similar projects.



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