12:00 05.02.2018

UVCA mulling migration of Ukrainian cryptocurrency business to Belarus due to law enforcement pressure

2 min read
UVCA mulling migration of Ukrainian cryptocurrency business to Belarus due to law enforcement pressure

 The Ukrainian Venture Capital and Private Equity Association (UVCA) predicts that the Ukrainian cryptocurrency business could move to the countries where the conditions for successful operations with cryptocurrency are created at the level of the state, in particular, Belarus, UVCA supervisory board Chairman Andriy Kolodiuk has told Interfax-Ukraine.

He said that earlier the state through its law enforcement structures was actively pressing on IT companies. However, Ukrainian IT business managed to survive this stage.

"Someone left, but in general, we managed to "fight back" with common efforts, because the truth was on our side and the fact that no case was brought to court, only confirms it," Kolodiuk said.

According to him, during the Ukrainian House Davos as part of the World Economic Forum, the UVCA paid particular attention to the blockchain and cryptocurrencies, since this topic is a worldwide trend.

"Returning to Ukraine, we see that all the achievements can be crossed out by the work of law enforcement agencies. If the pressure does not stop, then all business will move to, for example, Belarus, where all conditions for successful work are created at the level of the state. The question arises who works [Ukraine's Chief Military Prosecutor Anatoliy] Matiоs for: the Ukrainian business or [Belarusian President Alexander] Lukashenko, who unlike our authorities, contributes to the idea that miners should work in Belarus," Kolodiuk said.

According to him, Ukrainian panels devoted to blockchain and cryptocurrencies have become one of the most popular.

"The reason for this is not only the world trend, but also the fact that Ukraine already exists on the world map of crypto business. So, a week before the Forum, according to a study by Citi-Bank, Ukraine has entered the top five countries developing blockchain business," Kolodiuk said.

He also said that visitors to the Ukrainian House's cryptocurrency panels came not simply to listen, but mainly to discuss joint projects.

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