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Turbulence in the global markets is nothing new but the cryptocurrency community has faced an unprecedented 18-month period of flux.
The need for a fully decentralised, stable, self-regulated and community-led exchange that can offer investor confidence amidst a chaotic global economy has never been stronger.
Setting the Gold Standard with Crypto’s Founding Principles
With a scalable inter-blockchain and decentralised exchange the GOLD.IO platform is not only self-regulated and led by its stakeholders, but asset linked – offering exchange investors unrivaled portfolio security.
Gold has Always Set the Market Standard and has Benchmarked Traditional Finance for Centuries, So Why Should the Cryptocurrency Market Be Any Different?
As a commodity, it has weathered many a financial storm and continues to do so today. Aside from a little price volatility it has consistently retained its market value, and with an unstable geopolitical, crypto-economic outlook the precious metal can provide a safe port for crypto assets.
In short, a gold-linked and backed exchange offers not only security of your assets but a piece of mind – the world has been through tougher times than we face today, but gold has always survived the course.
GOLD.IO – Providing a Defensive Asset Protection to Your Investments
With a team of over 30 experienced developers, GOLD.IO has simply put a sister chain of the EOS Project which has the mission of creating a Decentralised Exchange (DEX) of smooth inter-block communications that not only eliminates persistent market influences but has the unique benefit of being backed by a commodity asset class.
Combining the proven power of gold as well as a growing community that is not only self-regulated but also stakeholder-led – GOLD.IO is also seeking to develop a fully-fledged Decentralised Autonomous Community (DAC) based on the founding principles of the blockchain. The DAC will serve as regulatory oversight of the exchange with all stakeholders enjoying full voting rights, a say over project development and more importantly the ability to define their profits.
Gold Backed Tokenomics Offers Trading Efficiency & High Liquidity
With global stock volatility at best and a downward trajectory at worse – according to Goldman Sachs the markets are gripped with a fear of what may come in the coming year, a gold-linked exchange, with inherently high liquidity can part-mitigate investor risk.
With no independent or fair exchange yet to provide what GOLD.IO can, the benefits of the platform as a market leader are clear but the real magic comes with the EOISO blockchain system itself – it eliminates third-party manipulation and offers a unique architecture to ensure users remain the custodian of their gold.
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Open-source blockchain project NEO is promising an exciting mix of tech, business, and regulatory speakers at its 2019 DevCon event.
Hundreds are expected to attend the Hyatt Regency Hotel in Seattle between February 16-17th to listen to more than 40 speakers and view more than 30 projects across 20 separate exhibits.
In addition, NEO will host a one-day workshop that will introduce developers to the fundamentals of NEO blockchain development. With support for multiple programing languages such as C#, Python, and JavaScript, NEO aims to be the most developer friendly smart contract platform.
NEO founders Da Hongfei and Erik Zhang will open the event giving visitors insight into NEO’s promise of a Smart Economy and plans for platform growth over the next 12 months.
The rest of the opening day will focus on topics such as platform architecture, innovation, the regulatory landscape, and the transition to a Smart Economy.
Scheduled speakers include Miha Kralj, managing director of the world’s largest consulting company Accenture, who will talk about the big trends in blockchain, and Dr Chris Berg of the Royal Melbourne Institute of Technology (RMIT), who will discuss crypto-economics and its role in the future of the global economy.
Another confirmed speaker is Joseph Williams, Governor Jay Inslee’s ICT industry sector lead & State of Washington ICT economic development director. Williams will give visitors an insight into how regulators view the development of blockchain.
Day two of NEO DevCon will shift gears and take a deep dive into technical blockchain topics such as consensus mechanisms and decentralized storage, as well as explore a range of decentralized application (dApp) use cases, patterns and practices.
Co-founders of the NEO Saint Petersburg Competency Center, Sergei Liubich and Anatoly Bogatryrev, will present research progress on their NEO based distributed decentralized storage platform.
The Coelho brothers and founders of NeoResearch, Igor and Vitor, will discuss how high performance computing can advance consensus mechanisms and how the NEO blockchain can be used as a problem solving network.
Representatives from ecosystem projects such as Neon Exchange, Moonlight, Blacat and Archon will also share insights on dApp development and their contributions to the Smart Economy.
Erik Zhang, founder of NEO, said:
“We’re excited to have such a high profile list of speakers at DevCon 2019. The future for blockchain, and for NEO in particular, is bright. The market is emerging out of an extended downtrend, but the fundamentals of the technology on which we’re building the smart economy of tomorrow are stronger than ever. Over the next 12 months and beyond, we’ll be working to make our platform even better, to further decentralize our network and begin to push out the dApps and experiences that will aid greater adoption and understanding of blockchain.”
Development Workshop
NEO DevCon will also feature a workshop for participants who are interested in learning to work on NEO’s developer-friendly platform.
The workshop will guide developers through how to set up a NEO development environment, design a smart contract, deploy to the blockchain, and interface with a smart contract.
It aims to give participants all the skills required to start building their own dApps on the NEO platform.
NEO DevCon will be held at the Hyatt Regency Hotel, Seattle, February 16-17th.
Early bird tickets are on sale now for $149 and are available until January 15th. Full price tickets will be $299.
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Hester Peirce is a Commissioner of the Securities and Exchange Comission (SEC) and has repeatedly made headlines in the crypto world this year as she has been perhaps the most outspoken voice for the approval of a Bitcoin ETF. Although this has so far failed to lead to realization, she has been clear in her view that the SEC needs to embrace this new technology with realistic regulation, not ignore it or ban it outright.
Commissioner Peirce graduated from Case Western Reserve University with a BA in Economics and then went on to get her JD from Yale Law School, graduating in 1997. She worked as a clerk for Judge Roger Barry Andewelt on the Court of Federal Claims and then for the law firm Wilmer, Cutler & Pickering.
After that she got her first work at the SEC, first as a Staff Attorney and then as counsel to Commissioner Paul S. Atkins. This led to her joining Senator Richard Shelby’s Committee on Banking, Housing, and Urban Affairs. During this time she oversaw aspects of regulatory recovery from the 2008 financial crisis and the implementation of the Dodd-Frank Act.
It is perhaps not surprising that Peirce eventually took the views on cryptocurrency she has, as it is the 2008 financial crisis that also inspired the creation of Bitcoin in the first place. In some ways, both Peirce and crypto were forged by the fires of this crisis.
Peirce then went on to become a Senior Research Fellow and Director of the Financial Markets Working Group at the Mercatus Center at George Mason University. During this time her research focused around the role of regulation in working markets.
Finally, in 2018 she was appointed Commissioner at the SEC by President Donald Trump, a role she still has to this day.
Her role in defending a path to a Bitcoin ETF
Commissioner Peirce first got the attention of the crypto community in July of this year when she famously dissented from the SEC's decision to deny rule changes that would have allowed for a Winklevoss Bitcoin ETF.
Peirce feels the mistake the SEC made was that it used the reasoning that the market for Bitcoin was too underdeveloped and risky for investors. Peirce points out that it is not the job of the SEC to determine the safety of the market but rather create the rules that protect investors from unsafe markets. Ironically, rejecting new rules because the market isn't safe is only reinforcing an unsafe market.
In Peirce's own words:
"More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order. More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs."
Taking such a vocal stance on the subject, and a very reasonable and well explained one at that, immediately attracted the love of the cryptocurrency community and earning her the unofficial title of “Crypto Mom.”
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Coinbase have announced that their new PayPal feature allowing U.S customers to withdraw to PayPal accounts has gone live as of today.
The announcement is part of the "12 days of Coinbase" announcements, where each day at noon PST Coinbase announce new features, support for new cryptocurrencies, and more. Todays feature is the launch of the PayPal feature allowing U.S customers to withdraw directly to PayPal at zero fee cost to the client.
Recap: Coinbase quietly introduces free PayPal withdrawals
The new feature will allow U.S customers access to their funds in a faster withdrawal method, utilizing one of the world's easiest and most widely-used payment platforms. With zero fees and fast withdrawals, the new feature will be most welcomed by U.S traders.
Coinbase commented on the announcement stating that they want to help their customers in having flexibility in using cryptocurrencies and being a part of the open financial system - "This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash."
Coinbase also announced that support for more countries will roll out in 2019.
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The representative of the Conservative Party in the UK Parliament, Eddie Hughes stated the need to adopt Bitcoin to pay taxes and utility bills, The Daily Express reports.
According to Hughes, blockchain technologies are of great interest in society, hence his colleagues in the Parliament have to understand how they work. The speaker, for his part, said that he himself is a crypto enthusiast who has amateur knowledge in the blockchain field.
The idea of introducing Bitcoin to pay for services was prompted by the Royal National Lifeboat Institution, which had started accepting digital currencies as donations. According to Hughes, this example indicates the possibility of using bitcoin as a means of payment in municipal systems.
In his speech, the lawmaker appealed to the recent decision by the authorities of the American state of Ohio to adopt bitcoin so that companies registered within the jurisdiction of the state could use the cryptocurrency to pay taxes.
Hughes concluded that in order to maintain the status of a progressive country, the UK should move one step ahead of events.
As it was previously reported, Tokyo authorities intend to take up the struggle against residents who evade paying taxes on profits received from cryptocurrency trading.
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With a few weeks still left in 2018, the total Bitcoin trading volume for the year has already crossed $2 trillion. Many countries have also seen record BTC trading volume at different points of the year with more everyday people seemingly adopting the popular cryptocurrency.
BITCOIN TRADING UP 61 PERCENT SINCE 2017
This volume of trade is especially profound given the tirade of criticism from vocal naysayers who continue to engage in Bitcoin bashing. According to Satoshi Capital Research, the notional value of BTC traded so far in 2018 stands at $2.2 trillion.
The figures posted so far represent a 61 percent increase from last years total volume of $870 billion. However, the growth recorded in 2017 – 96 percent still dwarfs that recorded in 2018 and will remain so unless a massive spike in BTC trading occurs between now and the end of the year.
To put things in perspective, Mastercard recently published its Q3 2018 financials which showed a total transaction volume of $4.4 trillion for the year. The world’s second largest payment card company also settles about $12 billion worth of transactions per day.
From these figures, Bitcoin $4151.76 -0.03% is already at half the transaction settling capacity of Mastercard despite losing close to 70 percent of its value during the year. BTC’s daily volume which is at $8 billion, isn’t a million miles away from Mastercard’s.
WHY DO THE NOCOINERS RAGE?
Some might argue that the analysis above is akin to comparing apples and oranges. This is because Mastercard’s figures only cover payments made to retail merchants on both online and offline platforms. The figures for Bitcoin come from merchants, futures trading, exchanges, and even international payments.
However, the fact that a cryptocurrency with a sub-$100 billion market cap is posting figures in the same ballpark as Mastercard is a glowing endorsement of BTC’s uptake. This assertion is especially true given the negative rhetoric espoused by critics such as Paul Donovan of UBS who recently said that the world’s most popular cryptocurrency Bitcoin is on the verge of falling apart.
Things may even get better for cryptocurrency trading as a whole. Earlier in the year, Bitcoinist reported that digital currency trading might grow by 50 percent in 2019 based on a study by Satis Group.
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French tobacco shops are starting to trade two most liquid cryptocurrencies — bitcoin and ether, from January 1, 2019. Local regulators supported the initiative since the people’s interest in digital money is growing, Europe 1 reports.
At the beginning of the new year, up to 4000 stores will join the crypto industry and install the terminals for purchasing digital currencies. Later, 27,000 enterprises throughout France will also receive the software. Tobacco shops will sell small portions of bitcoin and ether, equal to 50, 100 or 250 euros.
To implement this initiative, the local federation of tobacco shops gained the approval of the country's central bank. However, according to Le Monde, this permission was not mandatory, as the stores will only be intermediaries in the cryptocurrency sales. The KeplerK and Bimedia platforms will perform as the dealers of the digital currencies, and will also provide processing services.
The regulator reportedly signed an agreement with the federation to meet the demands of local residents for cryptocurrency. Moreover, there is a political motive in this step — French authorities are going to raise prices for cigarettes, what may hamper the business of tobacco stores. Earlier, shopkeepers threatened to go out on strike because of high taxes on tobacco. Therefore, the support of the cryptocurrency trading will allow the central bank to improve relations with the local businesses.
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https://play.google.com/store/apps/details?id=com.freecryptosignals.app Remember that famous Bitcoin prediction of John McAfee? Bitcoin at $1 million by 2020 or a certain private part gets eaten on national television? Well, after this week's Bitcoin crash, things are not looking very promising for McAfee right now.The crypto enthusiast first predicted Bitcoin to reach $500K in 2020, stating that he will 'eat his dick on national television' if that doesn't happen.In November 2017, four months after his first bet, McAfee took it a step further and predicted Bitcoin at $1 million by the end of 2020, adding that 'I will still eat my dick if wrong'.When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.McAfee had every reason to be confident at that time. On November 29 2017, the day of his $1 million predicition, Bitcoin was trading 128% above the average trend line leading to $1 million by the end of 2020. A handy McAfee predictor tool keeping track of the progress, Bircoin.top, explaines that 'Bitcoin needs to grow at a rate of 0.484095526 % per day from 2017-07-17 to 2020-12-31 to get from $ 2,244.27 (price on the day of his first prediction) to $ 1,000,000.00'. At the all time high of Bitcoin, mid-December 2017, Bitcoin's price was 314% above the red line, and 296 days ahead of the growth that is needed for McAfee's prediction to come true. 298 days behindThings are looking different these days. With Bitcoin's price dropping from close to $20K to the current levels of $5.5K, McAfee is losing sight of the average trend line going towards the $1 million. Currently, the price of Bitcoin is 76,3% below and 298 days of average growth behind the red line. Bitcoin should have been $23,520.75 at this point to be on schedule. '
I cannot loose the bet'
McAfee, however, doesn't seem to be worried at all. On Thursday, he posted on Twitter that 'we are still on schedule to get to $1 million by 2020'. 'I cannot lose the bet. It is mathematically impossible. What you have been seeing is short term (< 18 months) nonsense. Ignore it and look at fundamentals.'
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Jeff Garzik started writing software code for Bitcoin after reading a blog post about the digital currency in July 2010. At the time, he was working remotely for open-source powerhouse Red Hat Inc from an RV parked in an empty lot in Raleigh, North Carolina.
He soon became the third-biggest contributor to Bitcoin’s code after the cryptocurrency’s anonymous creator Satoshi Nakamoto and developer Gavin Andresen, and remained so through 2014. Looking back 10 years after its creation, Garzik says he is proud, even though Bitcoin is not what he envisioned it would become.
As a father I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect,” said Garzik, who has given away Bitcoin valued at more than US$100mil (RM417.83mil) based on current prices.
During the initial period, Garzik, 44, worked directly with Nakamoto, corresponding via private email and the Bitcointalk forum, until the token’s creator abruptly disappeared in 2011. Former collaborators and journalists have been guessing since about who he or she or they were – a matter of importance since Nakamoto controls about 1 million Bitcoins, and could impact the cryptocurrency’s market price.
”My personal theory is that it’s Floridian Dave Kleiman,” Garzik said in an phone interview. “It matches his coding style, this gentleman was self taught. And the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”
Kleiman, a former Florida sheriff’s officer who ended up becoming a computer forensics expert, died in 2013. Kleiman’s estate is suing Australian Craig Wright, who has claimed to be Nakamoto, for allegedly seizing billions of dollars worth of Bitcoins and intellectual property from Kleiman. Wright denies the claim.
Nakamoto’s vision of Bitcoin as private money hasn’t come to fruition. Its use in commerce is actually falling, according to a recent analysis from researcher Chainalysis. Instead, speculators and investors have treated it as an asset like gold. That’s fine with the Atlanta-based Garzik.
”It is an organism, it’s something that evolves,” said Garzik, who worked for crypto payment processor BitPay and still sits on its board, as well as the boards of blockchain-technology company BitFury and the Linux Foundation. “It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”
Garzik continued coding for Bitcoin until 2016, when he shifted focus to his own ventures amid bickering among developers and miners over how to scale the network. Bloq Inc, a startup Garzik co-founded, has sought to carve out a niche serving enterprise clients. Bloq, where Andresen sits on the advisory board, now has 30 employees and clients among Fortune 50 companies as well as cryptocurrency-focused firms.
Developer bounties
Today, Bitcoin is worth about US$6,500 (RM27,156) – a far cry from last December’s high of almost US$20,000 (RM83,564), but way more than when Garzik first started working on the project. He remembers a party to celebrate Bitcoin hitting US$1 (RM4.18) back in 2011.
Garzik declined to disclose his current holdings, but said he gave away 15,678 Bitcoins about seven years ago in developer bounties to spur work on the software. They would be worth more than US$100mil at current prices. He has no regrets about the giveaway, and said what matters is that Bitcoin is still around.
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Technologies as blockchain and cryptocurrency will be the main topic of the World Economic Forum (WEF), which will be held in January 2019 in Davos, Switzerland.
As the president of the forum, Børge Brende said, the international community needs to pay attention to the lack of interaction at the global level in order to confront contemporary challenges and threats both in geopolitics and in the field of ecology and climate change.
Also among the topics that the forum participants are planning to discuss are Brexit and the economic climate change in the European Union.
Recall that in the past year, WEF participants have already discussed cryptocurrency. Then everyone came to a single decision on the need to regulate the market, noting that at the moment there is no universal way to introduce any effective measures. At the same time, the Minister of Finance of Great Britain announced the need to regulate cryptocurrency, as Bitcoin and other digital currencies become part of the global economy. In turn, the United States offered to develop and implement a global standard for regulating the young market
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Hong Kong’s security watchdog – The Securities and Futures Commission (SFC) – has announced new regulatory rules and guidelines for the country’s local cryptocurrency market. However, the highlight of this announcement is that the regulator wants to have a watchful eye on the operations of cryptocurrency exchange and cryptocurrency funds.
In its official announcement, the SFC notes under the existing rules, virtual assets do not fall under the definition of “securities” or “futures contracts”. Hence they do not come directly under the regulatory oversight of the SFC. As a result, investors who are dealing with virtual assets through unregulated platforms do not get the protection under the Securities and Futures Ordinance (SFO). Thus the SFC has decided that to protect the investors’ interest, it will bring crypto exchange operators under its regulatory purview.
“…It is proposed that the standards of conduct regulation for virtual asset trading platform operators should be comparable to those applicable to existing licensed providers of automated trading services,” the SFC adds.
The definition of “virtual assets” provided by the SFC includes all blockchain-based tokens like the utility tokens, digital currencies, and the asset-backed tokens.
Licenses for Cryptocurrency Fund Distributors and Portfolio Managers
Under the new regulatory guidelines, cryptocurrency fund distributors and portfolio managers will require to get an official license from the SFC. Fund managers with more than 10 percent exposure into virtual assets will have to mandatorily get their licenses. Also, “firms managing funds which solely invest in virtual assets that do not constitute securities or future contracts” will require a license for the distribution of their funds. The statement reads:
“In order to afford better protection to investors, the SFC considers that all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements even if the portfolios (or portions of portfolios) under their management invest solely or partially in virtual assets, irrespective of whether these virtual assets amount to ‘securities’ or ‘futures contracts.’”
Ashley Alder, the chief executive of the SFC praised the agency for its new approach towards investors protection.
“The measures announced today allow us to regulate the management or distribution of virtual asset funds in one way or another so that investors’ interests would be protected either at the fund management level, at the distribution level, or both. We hope to encourage the responsible use of new technologies and also provide investors with more choices and better outcomes,” added Alder.
The Growing Regulatory Demand Due to Increasing Risks
The SFC cites several risks associated while dealing with virtual assets. The regulator says that the inherent nature and characteristics of the virtual assets are some of the reasons behind it. As crypto assets lack any intrinsic value, they are subject to high volatility and price fluctuations.
Furthermore, the anonymous nature of virtual assets makes them vulnerable to all sorts of illicit activities like terror financing, fraud, and money laundering. Additionally, the cryptocurrency market is facing huge challenges in terms of cyber-security risks and thefts. Most of the centralized exchanges across the globe have faced huge losses this year due to external attacks. On top of it, the lack of secure storage solutions is another reason preventing investor participation.
The regulator thus mandates proper regulatory rules to have a cleaner and safer environment for investors. It notes:
“While virtual assets have not posed a material risk to financial stability2, there is a broad consensus among securities regulators that they pose significant investor protection risks. The regulatory response to these risks varies in different jurisdictions, depending on the regulatory remit, the scale of the activities and their impact on investor interests and whether virtual assets are deemed financial products suitable for regulatio
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Binance, through its charity arm, has introduced a new blockchain-based donation portal that will make crypto donations more accessible and transparent. The company’s CEO, Changpeng Zhao, presented the portal during the UNCTAD World Investment Forum in Geneva, Switzerland on Wednesday.
The news comes just after an update on Binance’s ongoing flood recovery campaign, which has raised $1.41 million in crypto. The campaign has efficiently transferred donations through several charity organizations and community members, allowing money to reach those who need it the most.
Binance is now opening a donation channel that will support residents of Eastern Uganda, which is suffering floods and landslides. This task will be facilitated by the new donation portal.
Donations On the Blockchain
The blockchain and cryptocurrency have long had potential for use in donation platforms. Many charity organizations get relatively little money to those in need due to their own administrative fees and the costs of transferring money internationally. Some of these costs are defensible; some are not.
Binance’s blockchain solution will solve this problem by providing transparency: the public will be able to see exactly where donations are going and find out how much of those donations actually make it to recipients. Binance will track donations across four different categories: donors, charity programs, charity partners, and beneficiaries.
Although crypto-based donations can avoid some bureaucratic costs and international exchange fees, they can also introduce costs of their own. In theory, cryptocurrency can be sent directly to recipients, but the process of changing crypto to cash (or otherwise making use of it) can be costly in and of itself.
This means that charity organizations that can handle crypto effectively and inexpensively are still a necessity for full-scale relief, even when it comes to crypto donations. As such, Binance has committed to covering operational fees and “ensuring that 100% of donations will go directly to end-beneficiaries,” according to Changpeng Zhao.
Suggested Reading : Learn why Binance is among our top exchanges for 2018.
Who Can Help?
The new donation portal will allow individuals and organizations alike to engage in charity. Binance’s initiative has already attracted TRON, which has pledged $3 million to Binance’s Blockchain Charity Foundation (BCF). Meanwhile, individuals can donate and view donation records at the BCF website.
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The government in Kiev intends to legalize cryptocurrencies and comprehensively regulate the fintech sector as part of a new public policy developed by the economy ministry. The process may take up to three years to complete but eventually the industry built around digital assets should become a legitimate part of the country’s economy.
Parliament to Adopt Laws for ICOs and Smart Contracts
The new regulatory concept will be implemented in two stages. The legal status of cryptocurrencies, trading platforms and other entities dealing with digital assets must be determined in 2018 and 2019. By the end of next year, the Ukrainian government will analyze the market to identify trends and outstanding issues in order to put forward adequate proposals to regulate the whole sector.
According to the document prepared by the Ministry of Economic Development and Trade, the next stage, 2020-2021, would involve recognizing cryptocurrency wallet providers and custodial platforms as “subjects of primary financial monitoring.” The status is typically granted to traditional financial institutions such as commercial banks and insurance companies.
Ukraine Plans to Fully Legalize Cryptocurrencies Within Three Years
During that time, Ukrainian lawmakers are expected to draft and adopt legislation regulating initial coin offerings (ICOs), tokens and the use of smart contracts, Forklog reported. A number of bills have been filed in the Verkhovna Rada, Ukraine’s parliament, since last year but very little progress has been made toward their adoption.
The first three drafts from last fall were meant to regulate the circulation of digital coins, stimulate the cryptocurrency market and amend the Ukrainian tax code to regulate the taxation of profits related to digital assets. In the last couple of months, two bills introducing tax breaks for businesses and individuals dealing with cryptocurrencies have been proposed by Ukrainian legislators from different political parties.
Companies to Gain Access to Banking Services
In an announcement published on its website this week, the economy ministry expressed confidence that the implementation of its regulatory concept would allow crypto companies to gain access to banking services and attract more capital through regulated token sales. The ministry noted that due to the legal uncertainty, these businesses face many difficulties, while the industry remains largely part of the shadow economy.
Ukraine Plans to Fully Legalize Cryptocurrencies Within Three YearsThe authors of the new strategy hope that the regulation of the sector will increase budget receipts and foreign investments, while stimulating the development of the digital economy. In less than two years, Ukrainian companies have raised over $100 million through ICOs and cryptocurrency mining businesses are generating $100 million annually. The daily volume of trading cryptocurrencies with the Ukrainian hryvnia has reached almost $2 million and the Ministry of Economic Development claims Ukraine is among the top 10 countries by number of cryptocurrency users.
The ministry’s initiative is the second attempt this year to coordinate the efforts of Ukrainian institutions aimed at adopting a comprehensive legal framework for the cryptocurrency space. In July, Ukraine’s Financial Stability Council approved another regulatory concept for the sector, and in January, the National Security Council formed a working group tasked to finalize the different proposals. The new document will be submitted for approval by the Cabinet of Ministers.
