October 1, 2022

The Ukrainian parliament announced last week, Thursday that a measure to legalize cryptocurrencies had been enacted, making the usage of digital currencies in the nation safer. After 272 votes were recorded in support of the bill, the Ukrainian parliament endorsed the usage of virtual assets.

The National Commission in charge of Securities and Stock Market would be appointed as the key regulator for cryptocurrency as a result of adjustments to the law, which was initially proposed in September last year.

Cryptocurrency Accepted In Ukraine

According to the Vice Prime Minister of Ukraine, Mykhailo Fedorov, “this would legitimize cryptos and crypto exchanges in the country.” Also, this will help Ukrainians to safeguard their funds from fraudsters and scammers, he further stated.

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The approval opens the path for the creation of a regulatory and management framework for crypto assets such as Bitcoin. The National Commission for Securities and Stock Market, a prominent government organization in charge of overseeing investors in the Ukrainian financial markets, would be in charge of regulating cryptocurrencies under the revised version of the nation’s Law on crypto assets.

Cryptocurrencies such as BTC, on the other hand, have not been accepted as legal tender under the new rule. Ukraine stated that the country has no plan of following El Salvador’s lead in legalizing BTC as a legal tender. The new law, according to Ukraine, would provide certainty to enterprises operating previously in what the state calls “a legally murky area.”

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“Market players would be protected by the law and would be able to make choices based on open conversations with government authorities,” Fedorov explained.

The new rule is expected to encourage more international investment into Ukraine’s expanding cryptocurrency economy, according to government officials.

Becoming the World’s Crypto Hub

The Ukrainian National Agency for the Prevention of Corruption (NAPC) classified virtual currencies as intangible assets in 2020. Due to this, the regulatory body expects Ukrainian citizens to register their cryptocurrency holdings in the same way they would for an intangible asset. The country’s stand on digital currency as a financial instrument is similar to that of the Federal Financial Supervisory Authority (FFSA), in Germany. 

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Ukraine implemented a paperless system in September 2021, after government officials announced that Ukrainians don’t have to submit paper documents. For the following 50 years, the country’s objective is to become the most pleasant and user-friendly country for cryptocurrency on the planet. The government is working on developing a digitized economy and positioning itself as a leading jurisdiction for crypto and blockchain companies. Since September, Ukraine has started making efforts to provide legal backing for virtual assets.

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