Ukraine to Create National Blockchain-Backed Realty Register
Ukrainian lawmakers plan to tokenize real estate, introduce blockchain technology in public healthcare and education systems, and perform other Web 3.0 initiatives.
Blockchain4Ukraine, a group of Ukrainian lawmakers, and the citizen group Virtual Assets of Ukraine revealed a roadmap for the country’s Web 3.0 sector development and blockchain adoption. This is reported by the local media ForkLog, with reference to organizations’ representatives.
The roadmap involves the following innovations at the national level:
- creating a regulatory sandbox for blockchain and Web3 initiatives;
- creating a blockchain land and realty register and introducing a mechanism for property rights tokenization;
- introducing blockchain technology in healthcare and education;
- developing the self-sovereign identity (SSI) project;
- developing cybersecurity algorithms to protect government data.
The blockchain plan is focused on the post-war reconstruction period in Ukraine. The roadmap’s authors rely on the help of civil society, non-governmental organizations, and business and scientific communities. Deputies from the Blockchain4Ukraine parliamentary group have already started preparing a package of bills to create the legal framework needed to realize the initiatives.
In June, Ukraine joined the European Blockchain Partnership (EBP) as an observer. One of the roadmap’s points is the country’s full integration into the EBP and further cooperation in developing blockchain projects for cross-border government services.
The crypto market in Ukraine began actively developing after President Volodymyr Zelensky signed the law “On Virtual Assets” in March 2022, whose full implementation is expected after making changes to the Tax Code. According to DappRadar, Ukraine ranked first in the world in crypto adoption rate in Q3 2022.