Business news from Ukraine

The index of use of virtual assets by the population of Ukraine is the highest in the world, according to a study by the analytical blockchain company The Chainalysis, posted on the website of the Ministry of Digital Transformation of Ukraine.
According to the report, when calculating the index, analysts took into account the cost of sent crypto assets per capita, the balances of crypto assets at the addresses (wallets) of Internet users in Ukraine, as well as the volume of P2P and retail transactions (<$ 10,000), calculated at purchasing power parity. It is noted that the high performance of Ukraine is due, among other things, to the world's largest (the top three) community of blockchain developers, a significant crypto community, a high level of digital awareness of the population, as well as a high-quality educational intellectual basis and a significant number of small businesses that mediate on international marketplaces where cryptocurrency is used for payments. In addition, the primacy was influenced by the presence of legal and banking system restrictions on international transfers and a number of restrictions in more traditional areas, in particular the non-availability of a stock market, limited access to the global capital market, and high entry into the real estate market. "The market of virtual assets in Ukraine is quite developed and has a significant turnover even on a global scale, but most of it is concentrated in the shadow zone, which creates potential risks for both the state, business and users," the press service of the ministry said. It added that the ministry continues to create a legal framework for regulating the cryptocurrency market in Ukraine and hopes that in September the profile draft law on virtual assets will be considered by the parliament. The Chainalysis is the leading blockchain analytics company that provides blockchain data and analytics to government and financial institutions, as well as participants in the virtual asset market.