The Ukraine parliament has passed a law legalizing and regulating cryptocurrencies to attract new investment capital. Accordingly, Ukraine intends to open the crypto market to companies and investors by 2022.
The bill on the legalization of cryptocurrencies was passed for the second time in the Ukrainian Parliament on September 8th. So far, Bitcoin in particular and cryptocurrency, in general, have remained in the gray area, i.e., not legal, but also not banned in this country.
According to the Kyiv Post, 276 Ukrainian lawmakers voted in favor of the Cryptocurrency Law 3637, which paved the way for a broader regulatory framework and broader adoption. Once approved by President Volodymyr Zelensky, the new law will protect crypto investors and exchanges from fraudulent activity.
According to the Ukrainian Ministry of Digital Transformation, the country plans to open the cryptocurrency market to businesses and investors by 2022. Before that, however, Parliament must pass several laws and amend the Tax Code and the Civil Code. According to the report, experts commented:
“The new law defines virtual assets as intangible assets that are represented in the form of electronic data. It also explains what a crypto wallet and private key are – these terms have never been used in Ukrainian law. “
Currently, cryptocurrencies are not used to pay for goods or services. But traders and investors can buy and sell them on domestic exchanges. The new law will allow crypto and blockchain companies to operate legally in Ukraine to attract investment capital. The government is also planning to set up another regulator responsible for licensing crypto companies.
According to Mykhailo Fedorov, Minister of Digital Transformation of Ukraine, trading in cryptocurrencies is becoming increasingly popular among Ukrainians; the daily volume is around USD 37,000. According to him, only a few countries in the world have legalized cryptocurrencies, like Germany, Luxembourg, Singapore, and now Ukraine will be one of them.
In mid-August, the Security Service of Ukraine (SBU) searched and closed several illegal crypto exchanges. It is known that a large number of customers of these illegal platforms are criminals, scammers, and even organizers of significant rioting. Earlier this year, the Ukrainian government partnered with Stellar Lumens to develop a CBDC and digital asset infrastructure.
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