Ukraine will soon become a global center for investors from all over the world.
This was reported by RBC-Ukraine with reference to IT businessman Mykola Udyansky.
He is confident in the rapid and inevitable rise in price of most cryptocurrencies. First of all, this applies to Bitcoin, as another halving is expected next year (the reward for BTC miners will be halved).
“Price dynamics tell us that the first cryptocurrency always shows a decline before the halving and then further growth, up to a new historical maximum,” Udyansky notes.
The businessman is confident that the development and widespread implementation of blockchain technologies can positively affect the value of the main digital asset.
“Imagine the limitless possibilities combined with the decentralization of finance. I am confident that the implementation of blockchain technologies will cover literally every sphere of human activity. That is why one of the most pressing issues in Ukraine right now is the legislative regulation of cryptocurrency,” he emphasized.
Due to the lack of adequate rules for the operation of this sphere, we still have poorly developed crypto services. For example, recently Monobank refused to introduce bitcoin as a means of payment due to its “bad reputation”. At the same time, one of the bank’s co-founders owns a “small portfolio of bitcoins”.
Udyansky also recalled that at the beginning of last year, the president signed a law on the legalization of virtual assets in Ukraine. This allowed the use of cryptocurrencies to collect donations, not only for our army, but also to organize the transportation of large amounts of humanitarian aid to all who need it.
But a year later, the NBU decided to introduce restrictions on high-risk transactions. Ukrainian banks stopped working with exchanges, equating these transfers to gambling and betting niches. In fact, the lack of clear distinctions served as a kind of “shot in the foot,” because today thousands of people from all over the world want to join the army, but they can’t.
At the end of 2023, an upgrade of the law is planned - it will be adapted to the European requirements of MiCA (Markets in Crypto-Assets - the EU law on the regulation of digital assets) taking into account Ukraine's future membership in the EU. This will allow for detailed clarification of key terms and establish the foundations of tax regulation in areas related to cryptocurrencies. But there is one but. Tax legislation may slow down this process.
A complete reboot will bring market players out of the shadows. Firstly, these are taxes to the treasury, and secondly, the full functioning of cryptocurrency with the further development of niche businesses, in particular launchpads.
“With the advent of legalization in accordance with EU norms, businesses will receive the green light to work with cryptocurrencies, allowing banks to freely handle such assets. This step is towards new economic opportunities and strengthening the budget. The most expected scenario is the growth of the country's reputation in the international arena. Ukraine will become a magnet for investors,” Udyansky believes.
But the effectiveness will also depend on the business climate. First of all, this concerns the attitude of the authorities towards domestic startups and taxation. These factors are indicative.
“If everything is done correctly, Ukraine will become a key player on the global crypto scene in the coming years. Don’t forget, we are forwards in the blockchain market of developers and entrepreneurs, and we have an active community for the development and adaptation of new technologies. We are ready to help with the implementation of Security tokens, which act as digital representatives of real assets: stocks or bonds. These are completely new horizons for attracting capital,” the IT specialist concluded.
Udyansky also added that we must definitely take advantage of the opportunity to put the domestic industry on business rails, and Ukraine will not lose anything from this, but only the opposite. The result will be a powerful return in the form of economic growth, thousands of jobs, and other bonuses.
As a reminder, Mykola Udyansky is an entrepreneur and philanthropist, founder of successful crypto projects Prof-it and Qmall. He is among the top 100 richest people in Ukraine according to Forbes Ukraine.
He has been appointed Honorary Consul of Romania in Kharkiv since March 2023. The businessman invests significant funds in the purchase and delivery of humanitarian aid for Ukrainians from EU countries.
He actively participates in projects to develop the country's defense capabilities. The most famous of them are the development of INGUAR armored vehicles and the creation of the CyberPort bio-technological university, one of the goals of which is the formation of a future cyber army.
