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Cryptocurrency startups may leave Ukraine under certain conditions – wallet founder

Four out of the 100 best non-custodial wallets were created by Ukrainians.

Cryptocurrency startups may leave Ukraine under certain conditions – wallet founder
Vadym Grusha
Photo: Max Trebukhov

The regulation of the cryptocurrency sector may lead to a situation in which startups will have to leave Ukraine and Ukrainian-speaking users, the founder of the innovative bitcoin platform Trustee Wallet Bitcoin, Vadym Grusha, has said at a roundtable "Why does Ukraine need to use blockchain and legalise cryptocurrency?" hosted by Gorshenin Institute. 

“In the cryptocurrency world, there is a very important element - non-custodial wallets, technical solutions that allow you to save your property, that is, cryptocurrency. This is a very important element in the industry, there are about 100 such players in the world. Of these 100, four teams are Ukrainian. Now regulations will fall upon us and we will become a tax agent for our users, which is likely to affect the way we work with users," he said.

Grusha continued: "Either we need to completely abandon fiat money, which means that we will fall out of 100 best players, get registered and the whole non-custodial essence of cryptocurrencies will lose its essence and we will become uncompetitive. A situation may arise in which we will have to leave Ukraine and Ukrainian-speaking users, and other players may abandon Ukraine for this reason."

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