Ukraine Doubles Down on Crypto-Friendly Regulation Efforts, Aims for Top Spot

Ukraine is aiming to become a top 5 country in the world in terms of crypto legislation, and the efforts have the “total support” of both President Volodymyr Zelenskyy and the government, according to a high-ranking Ukrainian government official.

“We are aiming for Ukraine to become one of the top 3-5 countries in the world with the best legislation for crypto,” said Alexander Bornyakov, Ukraine’s Deputy Minister of Digital Transformation.

The deputy minister further said that the plan to place Ukraine among the leading countries in the world when it comes to crypto has the full support of the Ukrainian government.

Moreover, Bornyakov pointed to non-fungible tokens (NFTs) as an area of particular interest to himself and the government. He said that the government believes one of the purposes of NFTs and the blockchain is to document history, and opined that this is especially important as Russia “tries to erase our history.”

The comments from Deputy Minister Bornyakov were given during a virtual panel discussion on Friday hosted by MetaHistory, a collaboration project between the Ukrainian NFT community and the Ministry of Digital Transformation of Ukraine.

Also participating in the discussion was Dmitriy Buterin, the father of the Ethereum (ETH) co-founder Vitalik Buterin, who focused on the opportunities crypto could bring to Ukraine.

“I’m personally looking forward to Ukraine becoming the world leader in crypto,” Buterin said, adding that he sees “tremendous opportunities” for the country if it embraces crypto.

In particular, Buterin recommended that Ukraine open itself up as “a testbed” for new crypto projects. He said this is the kind of thing that is severely required given all of the “intriguing tests” that are occurring in the crypto world, and recommended that a type of crypto-based widespread essential pay (UBI) could be important for it.

In the meantime, Buterin likewise remarked on the job of blockchain in saving history, contending that set of experiences is something frequently considered “far away from our customary life,” and that blockchain can carry it nearer to present everyday life.

The old Soviet Union “distorted” and “lied about” history, he said, before adding that with blockchain innovation, there is present “another amazing chance to save history.”

Different members in the conversation included Alona Shevchenko, the fellow benefactor of UkraineDAO, who said her gathering has so far brought USD 8m up in crypto gifts on the side of the Ukrainian public. Out of this was the offer of an NFT of the Ukrainian banner for near USD 7m, Shevchenko said.

UkraineDAO is a decentralized independent association (DAO) sent off by the Russian women’s activist troublemaker fight bunch Pussy Riot and NFT assemblages Trippy Labs and PleasrDAO.

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