Ukraine ranks third in the world for crypto use

Chainalysis published its third annual Global Crypto Adoption Index, which is aimed to measure where the most people are putting the biggest share of their money into cryptocurrency. This time, Ukraine took third place out of 146 countries due to grassroots cryptocurrency adoption.

For the second consecutive year, Vietnam is ranked first in cryptocurrency adoption. On the second line is the Philippines, and Ukraine closes the top three.

As Mykhailo Fedorov, Minister of Digital Transformation of Ukraine, noted, the government works a lot on the development and legalization of the crypto industry in Ukraine.

In particular, in March 2022, President Zelensky signed the Law of Ukraine “On Virtual Assets”. The document defines the concept and legal status of a virtual asset, ownership rights, and terms of transactions with such assets in Ukraine. The law allows launching a legal market for virtual assets in Ukraine and bring cryptocurrencies out of the shadows.

“We want to create the most favorable conditions for the development of crypto business in Ukraine. So that global crypto companies can legally enter Ukraine and do business using the banking system. And Ukrainians — declare and protect their income in virtual assets,”

Mykhailo Fedorov writes.

In September 2022, Kyiv Tech Summit Web3 hackathon was held in Kyiv. Vitalik Buterin, one of the creators of the Ethereum cryptocurrency, came to visit the event. He emphasized that Ukraine has a very strong Web3 community and can definitely well become the next world’s Web3 hub.