When we talk about countries with the most activity surrounding crypto, Ukraine would not be the first name to pop. However, interesting things are happening in Ukraine, and the entire crypto community can feel its effect. For many years, Ukraine has been something of a wild west. There was no stable government, no leadership to hold the country together, and constant tension with neighboring countries. However, the newly formed government is trying to change it. To do so, Ukraine is taking the assistance of cryptocurrency. In September 2021, Ukraine passed a law legalizing and regulating all cryptocurrency transactions. Things have started changing for Ukraine since, and now it is one of the most promising countries for crypto development and innovation.
Ukraine holds a unique position in the crypto demographic of the world. Not having the most centralized authority gave the place its fair share of problems, but it seems to have worked in favor of crypto innovation. The ‘anything goes’ attitude of the country has made it easier for entrepreneurs to set up and run crypto exchanges. However, it came with its own problems. Going through layers of corruption is the primary challenge to new businesses in Ukraine. It works in strange ways, and an entrepreneur’s authority and connections matter a lot. Michael Chobanian, the founder of Kuna, is a prime example of a successful crypto-entrepreneur from Ukraine. He overcame all the said challenges and claims that doing business in Ukraine is the best if you know how to do it. In the coming years, we can expect more entrepreneurs like Chobanian to break into the scene.