The International Monetary Fund (IMF) has emphasized the critical importance for Ukraine to swiftly conclude its legislative updates pertaining to virtual assets by the conclusion of 2024. This urging comes as a response to regulatory apprehensions and the recognition of substantial economic potential within the sector.

Oleksandr Bornyakov, the Deputy Minister of Digital Transformation of Ukraine overseeing IT industry development, conveyed this imperative in a recent Facebook post. He underscored that this requirement is stipulated in the Memorandum of Economic and Financial Policies signed between Ukraine and the IMF. The IMF cited concerns regarding the absence of regulatory frameworks in the nascent sector, cautioning against potential risks to price stability and the efficacy of monetary policies.

Bornyakov emphasized the significance of leveraging all available economic avenues, particularly in the midst of wartime conditions. He asserted that legitimizing the crypto sector could yield significant economic dividends, fostering transactions amounting to billions of hryvnias.

Furthermore, the Ukrainian official highlighted the proactive efforts of the Ministry of Digital Transformation in advocating for state regulation within the crypto asset market. Bornyakov noted that the groundwork for this endeavor has been laid, with two bills—bill 10225 and bill 10225-1—already registered in the country's Parliament.

In his statements, Bornyakov stressed the urgency of establishing regulatory and taxation frameworks for virtual assets. He expressed confidence that the implementation of comprehensive crypto regulations would not only bolster Ukraine's economic prospects but also enhance trust among international partners.

The emphasis on expeditious legislative action underscores the recognition of the transformative potential of the crypto sector within Ukraine's economic landscape. As the country moves forward, ensuring robust regulatory frameworks will be essential in harnessing the benefits while mitigating associated risks.