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At the moment cryptocurrencies are not banned in Ukraine but they have no status at all. All of this is about to change after the minister for digital transformation said the country plans to legalize the cryptocurrency industry by 2021.

The crypto movement is part of a wider effort to modernize the country, which has been kickstarted by a young new president.

The Ukranian deputy minister who is has become the minister for digital transformation said  that legalizing crypto was among the top goals of the agency.

So these plains are not set to take effect till 2021 and in the meantime, these  policies will force crypto exchanges to execute a procedure (Know Your Customer) KYC and a system Anti-money Laundering (AML) to assist authorities to govern the market effectively.

Part two of the plan is planned to be rolled out in 2020 – 2021, after this, the government will now start crypto mining, taxation, and smart contract protocols. The wider aim is to make  cryptocurrencies recognized as a legal and real asset that is established in the industry.

The central bank is also planning to create a digital currency which is another huge step forward for the nation.