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The Ukrainian Venture Capital and Private Equity Association (UVCA)’s supervisory board chairman Andriy Kolodiuk recently said that three of the largest Cryptocurrency Exchanges are planning to start their operations in Ukraine. He was speaking on the sidelines of the RE:think event.
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The Invest in Ukraine forum started in Mariupol earlier this week. Kolodiuk said,
“Over the past two and a half years, three global cryptocurrency exchanges have asked me to make it so that they operate legally in Ukraine: to register, get a license, and open a representative office. In order to legally receive money, carry out transactions from the hryvnia to the cryptocurrency and back – this is what they are interested in. Two things are of their interest: a license and a bank that makes hryvnia-cryptocurrency transactions.”
He also noted that almost 25%-30% of all cryptocurrency traders are operating from the CIS region, with a majority of them centered around Russia and Ukraine. He said this while referring to information provided by one of the exchanges willing to work in the country.
Why is the interest important?
He said that this kind of interest in the Ukrainian market is very important because the number of crypto players in the country is huge. He said that judging by the sheer number of traders, Ukraine cannot be called a “micro market.” Instead, it is a large market that is now being sought after by some of the largest global exchanges.
Ukraine is not just a hub for cryptocurrency trading but is quickly developing its blockchain technology projects as well. He said that several important associations and market participants signed a memorandum that covers the scope of consolidation of activities and interaction of blockchain technology.
The entities, notably the Better Regulation Delivery Office (BRDO), Blockchain4Ukrane, Ministry of Digital Transformation and Verkhovna Rada Committee on Digital Transformation, will now work on creating a regulatory framework that could help in the development of blockchain-based solutions in the country. It also seeks to create a framework for the development and use of digital currencies in the market.