Cryptocurrency Officially Legalized in Ukraine

by nativetechdoctor

Back in September 2021, the Parliament of Ukraine submitted a bill on cryptocurrencies with an almost absolute majority, but after a month it was vetoed by President Volodymyr Zelensky on the grounds of being national. This state cannot afford to create a new regulatory body dedicated to cryptocurrencies.

According to the revised Virtual Assets bill approved by the Ukrainian Parliament, Bitcoin and other cryptocurrencies are officially legalized in this country.

President Zelensky later sent the bill back to the Ukrainian Parliament along with a number of additional proposals. Now, the Ukrainian Parliament has incorporated additional proposals and passed an amendment bill.

opportunity economic development for Ukraine . Domestic and foreign cryptocurrency companies will be allowed to operate, Ukrainians will be able to participate in the global virtual asset market at their convenience, but still enjoy the benefits of a new law.” ensure safety,” said Mr. Mykhaylo Fedorov – Ukraine’s Minister of Digital Transformation.

The bill sets out regulations and requirements for cryptocurrency service providers, including exchanges, as well as proposes sanctions and penalties to combat fraudulent acts. Unlike El Salvador’s move to recognize Bitcoin as a legal transaction currency, Ukraine’s cryptocurrency law does not facilitate the implementation of Bitcoin as a form of payment and does not place it on par with the national currency. hryvnia family.

According to the bill, the National Securities Commission of Ukraine will be assigned the responsibility of controlling and operating the cryptocurrency market in this country.

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