- On Thursday, the Ukrainian parliament passed the Virtual Assets Bill, which grants legal status to all cryptocurrencies and virtual assets. Only two votes were cast against the law, which gained 300 votes in favour.
- The same Virtual Assets Bill had already passed the Ukrainian parliament in October but was rejected by President Volodymyr Zelensky. Since then, the bill has been revised to ensure that it contains the legal procedures required for execution and complies with constitutional standards.
- The bill creates a baseline regulatory framework in Ukraine for all virtual assets. It uses the phrase virtual asset to describe cryptocurrencies like Bitcoin and Ethereum, which are defined as any item that cannot be legally utilized as a payment instrument or traded for other assets, products, or services.
The Digital Assets Bill, which Ukraine’s president vetoed in October, has finally been approved by parliament.
Legislation Governing Crypto Assets
The Ukrainian parliament has approved a law giving Bitcoin and other cryptocurrencies legal status. Ukraine is the most recent country to pass legislation governing crypto assets. On Thursday, the Ukrainian parliament passed a bill granting legal status to all cryptocurrencies and virtual assets. Only two votes were cast against the law, which gained 300 votes in favour. The bill creates a baseline regulatory framework in Ukraine for all virtual assets. It uses the phrase virtual asset to describe cryptocurrencies like Bitcoin and Ethereum, which are defined as any item that cannot be legally utilized as a payment instrument or traded for other assets, products, or services.
Crypto Exchangers And Cryptocurrencies Will Be Legalised
The bill confirms citizens’ rights to hold and use cryptocurrencies and outlines the rights and responsibilities of all cryptocurrency market players, in addition to setting the legal basis for merging crypto assets into Ukraine’s financial and regulatory institutions. Crypto exchangers and cryptocurrencies will be legalized, and Ukrainians will be able to protect their funds from possible abuse or fraud. Cryptocurrency has become an important tool for some Ukrainians in their struggle against Russian invasion concerns. Ukraine received more than $500,000 this year, according to a report by Elliptic, a crypto compliance solutions supplier, as it drew closer to war with Russia.
The bill’s approval marked Ukraine’s second effort to legalize bitcoin. The same Virtual Assets Bill had already passed the Ukrainian parliament in October but was rejected by President Volodymyr Zelensky. Since then, the bill has been revised to ensure that it contains the legal procedures required for execution and complies with constitutional standards. According to Ukraine’s Minister of Digital Development, Mikhail Fedorov, the new bill will allow Ukraine to establish a legal market for virtual assets. According to the bill, the National Securities Commission of Ukraine will be the primary regulator for virtual assets and any future virtual asset market.