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Ukraine To Be Best Crypto Jurisdiction With New Tax Rules, Digital Minister Says In Davos

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Ukraine To Be Best Crypto Jurisdiction With New Tax Rules, Digital Minister Says In Davos

Ukraine will become the world’s best jurisdiction for crypto assets, the minister overseeing the country’s digital transformation promised. Speaking with media at the World Economic Forum in Davos, Mykhailo Fedorov praised the support from the crypto community for his war-struck nation.

Crypto Donations Have Been Critically Helpful to Ukraine Amid Invasion, Fedorov Says

During the early stages of Russia’s military invasion, donations through cryptocurrency were “critically helpful to Ukraine,” the country’s Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov told journalists in Davos, Switzerland.

During a press conference at the sidelines of the World Economic Forum (WEF), Fedorov explained that with currency restrictions imposed with the martial law, Ukraine was nevertheless able to quickly purchase everything it needed for its armed forces, thanks to the support of the global crypto community.

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The high-ranking representative also emphasized that the government is developing the necessary legal framework with a comprehensive approach to the full legalization of cryptocurrencies. A law “On Virtual Assets” was passed by the Verkhovna Rada, the Ukrainian parliament, in mid-February.

For this legislation to come into full force, amendments to the Tax Code are also needed. Once they are adopted, Ukraine will have the best crypto jurisdiction in the world, Fedorov insisted, further pointing out:

Ukraine is a candidate for EU membership. We have to harmonize with European law, taking into account the practices and recommendations of the IMF and the World Bank.

Minister Wants to Be Paid in Ukraine’s Digital Currency, E-hryvnia

The Ukrainian official also marked the progress towards issuing a Ukrainian central bank digital currency (CBDC). “Two weeks ago, I saw a pilot of electronic hryvnia,” he said, referring to the project which is being realized in cooperation with Stellar and a private bank.

The National Bank of Ukraine (NBU) intends to propose in 2024 legislation dedicated to the introduction of the CBDC, Mykhailo Fedorov revealed. “I plan to become its first test user and receive my salary in e-hryvnia,” he stated.

Despite the raging conflict with Russia, the authorities in Kyiv have a “very ambitious plan” to make Ukraine the most digitalized country in the next two years. “Digitalization is going to be the foundation for rebuilding. We are doing these reforms during the war,” Fedorov explained.

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The vice prime minister also highlighted the support his nation is getting on the road to digitalization, in terms of resources and experience from G7 countries like the United States and Japan. He further called for the continuation of tech sanctions against Russia, which he said is still buying components using virtual assets and intermediaries.

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conflict, Crypto, crypto assets, Crypto Donations, crypto regulations, Cryptocurrencies, Cryptocurrency, Davos, digital minister, digital transformation, digitalization, economic forum, Fedorov, Forum, invasion, minister, Mykhailo Fedorov, Russia, russian, Sanctions, Ukraine, ukrainian, War, WEF

Do you think Ukraine will establish itself as one of the most crypto-friendly destinations after the war? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, photowalking / Shutterstock.com

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Allegations

Ukraine’s Deputy Digital Minister Rejects ‘FTX-Democrats Narrative’

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Ukraine’s Deputy Digital Minister Rejects ‘FTX-Democrats Narrative’

Claims that Ukraine has invested military aid into the bankrupt crypto exchange FTX have been rebutted by a representative of the Ukrainian government. Speculation circulated on social media suggested such funds have been returning to the U.S. via FTX donations for the Democratic Party.

Kyiv Official Describes as Nonsense Allegation That Ukrainian Investment in FTX Funded Democrats

Deputy Minister of Digital Transformation of Ukraine, Oleksandr (Alex) Bornyakov, has rejected claims that money sent in support of his war-torn nation has been invested in FTX, one of the largest cryptocurrency exchanges which is currently in bankruptcy proceedings.

The rumors spread on social media last week with some commenters linking the alleged investment in FTX to donations made by the troubled coin trading platform to the Democratic Party in the United States.

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#BREAKING ⚡️🇺🇦UKRAINE “MILITARY AID” FROM USA – WAS INVESTED IN CRYPTO “FTX” BY UKRAINE!

— UKR REPORT (@UKR_Report) November 12, 2022

Since the beginning of the Russian military invasion in late February, the Ukrainian government and volunteer organizations have relied heavily on foreign aid to fund their defense and humanitarian efforts. Millions of dollars have been raised through cryptocurrency donations.

A dedicated portal, Aid For Ukraine, was launched in March to collect digital funds. According to its website and Twitter account, more than $60 million, a figure announced in May, in various digital currencies have been received, including over 600 BTC, 10,000 ETH, and 15 million USDT. The current balance of the BTC address provided by the initiative is a little over 0.08 BTC.

The foundation had three main crypto partners: staking service provider Everstake, FTX, and the Ukrainian cryptocurrency exchange Kuna. FTX was employed to convert the donated digital assets into fiat currency, Bornyakov explained in a tweet posted on Monday. He also said the “whole narrative … is nonsense.”

A fundraising crypto foundation @_AidForUkraine used @FTX_Official to convert crypto donations into fiat in March. Ukraine’s gov never invested any funds into FTX. The whole narrative that Ukraine allegedly invested in FTX, who donated money to Democrats is nonsense, frankly 🤦‍♂️

— Alex Bornyakov (@abornyakov) November 14, 2022

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Aid For Ukraine’s latest report on how the money is being spent, published in July, shows that a large portion of the raised cryptocurrency was used to acquire military equipment, including rifle scopes and thermal imagers, radio communication kits, armor vests and helmets, other clothing and field rations, as well as fuel. A global anti-war media campaign has been funded with over $5 million.

Studies conducted by blockchain analytics firms Chainalysis and TRM Labs revealed that pro-Russia groups have been also accepting donations through crypto exchanges and managed to raise millions of dollars in digital coins used to support the Russian side in the military conflict.

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Allegations, Bankruptcy, claims, conflict, Crypto, Crypto Donations, crypto exchange, Cryptocurrencies, Cryptocurrency, democratic party, Democrats, donations, invasion, investment, Russia, russian, Ukraine, ukrainian, War

What are your thoughts on the alleged Ukrainian investment in crypto exchange FTX? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Alex Bornyakov. Source: Twitter, @abornyakov

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Localbitcoins, Crypto.com, Other Providers Suspend Services For Russians Under EU Rules

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Localbitcoins, Crypto.com, Other Providers Suspend Services For Russians Under EU Rules

Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain.com, and Crypto.com have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine.

Major Crypto Platforms Conform to EU Measures, Restrict Services for Russian Users Over Ukraine War

About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels prohibited the provision of all crypto-related services to Russian residents and entities, regardless of the amount.

Localbitcoins, the peer-to-peer exchange platform, has recently told Russian citizens it can no longer offer them its services, Forklog reported. The only exception that can be made is for persons that also hold a passport issued by a country from the European Economic Area (EU member states plus Iceland, Liechtenstein, and Norway) and Switzerland, those who have a permanent residence permit in these jurisdictions.

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The crypto news outlet also revealed that wallet operator Blockchain.com has sent out a notice informing customers that due to the EU sanctions, it’s unable to provide custodial and rewards services to Russian nationals. The company has asked affected users to withdraw their funds by Oct. 27, after which date their accounts will be blocked.

The crypto news page of the leading Russian business portal RBC, which confirmed this development, also posted about Crypto.com’s decision to add Russia to its list of countries, the citizens of which cannot take advantage of its services. The crypto exchange, with over 50 million claimed users, is registered in Singapore but recently announced its intention to establish a regional headquarters in Paris, France.

Another exchange that plans to introduce restrictions is Bitmex. U.S.-based Coinbase assured it complies with all relevant laws and regulations in the jurisdictions where it operates. Service providers from other sectors of the crypto industry have already done that, too. For example, Dapper Labs suspended operations with non-fungible tokens (NFTs) for Russian accounts. British fintech Revolut is not working in the Russian market at all.

However, not all global crypto platforms have conformed to the new European rules. As a recent report unveiled, major exchanges are still available to Russians. These include Huobi, which stated that it maintains stable trading for Russian users, FTX, which operates out of the island nation of Antigua and Barbuda, as well as the Seychelles-registered Okx, Kucoin, and Mexc Global. The regional leader, Exmo, sold its Russian business to a local vendor this past spring and Exmo.me is still active in Russia.

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Blockchain.com, Citizens, Coinbase, conflict, Crypto, crypto currency, crypto exchanges, crypto services, Crypto.com, Cryptocurrencies, Customers, EU, european, Huobi, LocalBitcoins, nationals, residents, restrictions, Russia, russian, Sanctions, service providers, Services, Ukraine, users, War

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Do you expect other crypto platforms to comply with the European sanctions against Russia? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ukraine’s Kharkiv Art Museum Launches NFT Collection With Binance To Raise Funds, Secure Jobs

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Ukraine’s Kharkiv Art Museum Launches NFT Collection With Binance To Raise Funds, Secure Jobs

The art museum in the Eastern Ukrainian city of Kharkiv has partnered with cryptocurrency exchange Binance to offer non-fungible tokens (NFTs) of some of its most valuable artworks. Proceeds from the auction will be used to restore the museum’s activities and support its staff.

Ukrainian Museum to Sell 15 Works of Art as Digital Collectibles on Binance NFT

The NFT marketplace of the world’s largest crypto exchange by trading volume, Binance NFT, has announced the launch of tokens representing over a dozen of Kharkiv Art Museum’s works. The cultural institution has one of the oldest and most valuable art collections in Ukraine.

“Today, the museum’s holdings include about 25,000 works of fine art of Ukraine, Western Europe, the Middle and Far East of the 15th–21st centuries,” Binance said in a press release. The Kharkiv Art Museum will be auctioning 15 of them as NFTs from the “Art Without Borders” collection.

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The collection will feature works by Albrecht Dürer, Georg Jacob Johann van Os, Ivan Aivazovsky, Simon de Vlieger, and other artists, the announcement details. The collected funds will be dedicated to restarting the museum’s normal operations and hiring additional personnel.

The auction began on Thursday, Oct. 13, and will continue for a week. The non-fungible tokens are divided into three categories — gold, silver, and bronze — with respective starting prices of 1,000 BUSD, 750 BUSD, and 500 BUSD.

Kharkiv is Ukraine’s second-largest city, situated close to the front line of the escalating military conflict with Russia in the eastern part of the country. The Ukrainian army was recently able to push back the Russian forces and currently controls most of the Kharkiv region.

The government in Kyiv and volunteer organizations have been relying on crypto donations and fundraising campaigns to finance both defense and humanitarian efforts. “Throughout the ongoing crisis in Ukraine, digital assets have played an important role in providing fast, efficient, and simple help to those in need,” noted Helen Hai, who heads Binance NFT.

“Together with the Kharkiv Art Museum, we will present the NFT collection which combines Web3 technology and pieces of art that the museum preserves so carefully,” the executive added, expressing hope the project will attract the attention of connoisseurs.

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You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

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artworks, Auction, Binance, Binance NFT, Collection, conflict, Digital Collectibles, Kharkiv, Kharkiv Art Museum, Marketplace, museum, nft, NFT marketplace, NFTs, non-fungible, Russia, russian, Tokens, Ukraine, ukrainian, War, works

Do you think such crypto initiatives can make a difference for other cultural institutions across Ukraine during the difficult times the country is going through? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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