CODEX, an Estonian licensed crypto exchange, today announced the company has decided to deploy a fiat gateway for the Ukrainian market, allowing Ukrainians to buy or sell cryptocurrency via UAH.
The exchange has integrated the 4bill service, which allows users in Ukraine to make a UAH deposit. The withdrawal method takes an extra step, users will have to add a credit card into their account and set it as the withdrawal method. Currently, only Ukrainian credit cards are accepted, and every user has to go through the mandatory KYC verification. All withdrawals will have 1% + 5 UAH service fee.
Very often jurisdictional efforts to legalize cryptocurrency operations fall apart due to government incompetence. At the same time, the Ukrainian government has made a big step towards cryptocurrency mass-adoption, encouraging local businesses to conduct financial activities via cryptocurrencies, and preparing banks for these types of operations.
In the long view, CODEX believes that new amendments to Ukrainian law will push many businesses to cryptocurrency usage, opening a wide window for our exchange to provide virtual currencies on the local market. Hereby, we chose to launch a fiat-to-crypto and crypto-to-fiat “test flight” on this market.
According to coin.dance the cryptocurrency trading volume on the P2P market in Ukraine reaches more than $100K daily. Citizens who have an average of $300 monthly wage are trading more than two-dozens of cryptocurrencies. It clearly shows that this market has a significant potential to grow even more soon.
A Very Solid Start
Diving deep into actions of the Ukrainian government to bolster cryptocurrency usage, the Ministry of Economic Development and Trade declared that the next serious step towards digital currencies adoption will be made in 2020–2021. By this time, a new amendment to the law will recognize custodial platforms, wallet providers and other related businesses, imposing strict financial monitoring over them.
Ukraine is preparing other amendments to the law as well, which will combat illicit and criminal cryptocurrency activities. Oleksii Mushak is the leading activist in this field, the last year he has shared a link to the draft of a proposed law, creating the first foundation of the transparent digital economy.
Building such a robust regulatory framework, means a bright future for the whole country, giving itself a chance to become a leading one among the other countries which work towards cryptocurrency mass adoption.