Ukraine Has Made Bitcoin And Cryptocurrency Legal.
Ukraine‘s parliament approved a revised measure to legitimize bitcoin and cryptocurrencies in final reading.
Bitcoin is officially legal in Ukraine, after the country’s parliament adopted a measure in final reading that complies with the president’s proposals. The nation, however, has not declared bitcoin legal tender.
Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement:
“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,”
According to an official statement, the Ukrainian parliament approved the new Law on Virtual Assets on Thursday with more than 270 votes. The bill specifies the rules that Bitcoin service providers, such as exchanges, must follow and establishes penalties for infractions of the law’s terms, as well as establishing that the cryptocurrency market be regulated by the country’s National Securities Commission.
According to the announcement, Ukraine’s Securities Commission would be in charge of giving licenses to Bitcoin and cryptocurrency service providers, as well as market oversight and financial monitoring.
Ukraine submitted a similar cryptocurrency law in September, but President Volodymyr Zelensky rejected it the following month, claiming that the government couldn’t afford to develop a new regulatory agency only for Bitcoin and cryptocurrencies.
President Zelensky then returned the bill to the Ukrainian parliament, along with his proposal that the booming industry be regulated by current regulators. Parliament has now taken his advice into account and enacted the modified measure.
Ukraine’s Bitcoin law allows the peer-to-peer currency to move out of the “gray” zone by establishing explicit legislation that outlines how the asset should be managed legally as well as how institutions should operate in terms of investor protection and reassurance.
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