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Ukraine set to legalize cryptocurrencies

Ukraine

TL;DR Breakdown

  • Ukraine has started processes to make crypto legal.
  • Crypto investors in Ukraine to be protected against law after bill approval.
  • crypto bill to open crypto market for investors in Ukraine.

Ukraine has joined the small list of countries laying down some ground rules for the cryptocurrency market to make the currency legal. It is a positive sign for the crypto community as more governments now realize cryptos are around to stay.

A draft law legalizing cryptocurrencies passed the second reading in the Ukrainian parliament on Wednesday, September 8. In several countries, cryptos have not totally been outlawed or made a legal currency.

According to CNBC, only four countries have made crypto legal, with Ukraine joining that list as number 5.

Local reports in the European country revealed that 276 Ukrainian lawmakers voted for virtual asset bill 3637, which now paves the way for a regulatory framework and wider acceptance.

After it is assented to by President Volodymyr Zelensky, crypto investors in the country would be protected from fraud.

The new legislation would spell out certain protections against fraud for those who own Bitcoin, and other cryptocurrencies as lawmakers have taken a stab at defining core terminology in the world of crypto.

However, locals are allowed to buy and exchange virtual currencies until now, but companies and exchanges dealing in crypto were often under close watch by law enforcement.

Legalizing crypto, Ukraine opening crypto market

The country’s Ministry of Digital Transformation intends to open the cryptocurrency market for businesses and investors by 2022. However, before that can happen, parliament must pass a set of laws and amend the Tax Code and the Civil Code.

As it stands, cryptocurrencies cannot be used as payments for goods or services, but traders and investors can buy and sell them on exchanges within the country. The new law will allow crypto and blockchain-related businesses to operate legitimately in Ukraine, which plans to attract investment to the country. The government plans to create another regulatory body that will issue permits for crypto companies.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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