Ukrainians can now enjoy a growing number of services and products related to cryptocurrency. Crypto users will have two options for buying and trading coins. They will also be able to use their digital currency in shops and online with the help of these cards.
Wirex Offers Ukrainians Over 20 Cryptocurrencies and a Crypto Card
Wirex, an U.K. crypto payment processor, has enabled residents of Ukraine be able to exchange and purchase cryptocurrencies via its platform. This company offers support for more than 20 cryptocurrencies including popular altcoins, such as DOGE and major coins like BTC.
Wirex explained to Forklog that Ukrainians can also open cryptocurrency savings accounts, which are based on Defi Products. They will earn up to 16% in compound interest per year on some currencies, according to the provider. However, interest can also accrue in native WXT currency.
Wirex plans to also issue its card for Ukrainian crypto holders, allowing them to use their cryptocurrency to purchase goods or services from local merchants who do not accept it. Instant conversion of hryvnia will make this possible. Ukrainians can also get a virtual card that they can use to add to Apple Pay or Google Pay.
While Ukraine has become a world leader in cryptocurrency adoption, authorities in Kyiv are taking measures to regulate it. Ruslan Kolodyazhny from Wirex, CTO of Wirex, said that company plans to expand its presence in Ukraine because they consider it promising.
Three years ago, the U.K. Financial Conduct Authority granted a licence to British fintech. The services of the fintech have gained increasing consumer attention. Its Mastercard and Visa cards are used by over 4 million customers in 130 countries.
Ukraine’s Monobank to Offer Another Bitcoin Card
Ukrainians could expect similar products from their domestic payment providers. Last month, the Ukrainian online banking platform Monobank announced it’s ready to release its own cryptocurrency card. It complained that it had been waiting over three months for an approval from National Bank of Ukraine.
Kirill Shevchenko (head of the monetary authorities) revealed in October that commercial banks had approached the central bank to ask permission to issue crypto-linked cards. However, he stressed that the regulator is still concerned about the financial monitoring challenges and the risk associated with these transactions.
Ukraine still has not fully regulated its crypto market. Ukrainian parliament adopted the long-awaited law “On Virtual Assets” in early September when lawmakers approved the bill on second and final reading. It passed the first reading of the bill last December. After that, it was revised to be presented in June at Verkhovna Rada. In October however, President Volodymyr Zilensky rescinded the law and demanded further modifications.
What do you think of Ukrainian regulators’ willingness to ease their restrictions on crypto-related services and products? Leave your comments below.
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