Ukrainian Parliament Moves Unanimously to Make Crypto Legal
Ukraine has become the latest country to approve and legalize cryptocurrency and all crypto operations after countries like Paraguay and Singapore. The recent development is further proof of the traction that the crypto industry has gained in 2021, with government disposition towards the crypto space becoming more and more friendly.
Ukrainian Lawmakers agreed to the legitimization and regulation of cryptocurrencies in Ukraine on Wednesday this week – crypto exchanges in the country will now be able to legally exist. After the parliament passed the 2nd iteration of the Virtual Assets Bill, the bill came into effect.
There were 276 members of the parliament who cast their vote in favour of this bil. The bill has been prepared for and currently requires the approval of the president of Ukraine, Volodymyr Zelensky, before it is finally passed into law.
Upsides of Ukraine’s Crypto Bill
Ukraine’s new crypto-positive bill is a working framework that might yet need further clarification in the near future; but it works. The bill doesn't describe the mechanism and procedures for actions about virtual assets yet – it will only offer a description and establish a legal ground for them. In the bylaws, more information will be provided about the application.
Crypto holders and traders will enjoy a number of benefits. Cryptocurrencies will have a legal foundation, so holders will be able to protect their virtual wealth in the event of a problem.
In addition, crypto holders and traders in the country will be allowed to exchange and declare crypto assets.
Just before today, crypto activities in Ukraine existed in a legal grey area. Ukrainians were permitted to purchase and exchange cryptocurrencies, although businesses and exchanges that trade in cryptocurrencies are often monitored by government authorities.
While regulations have in the past left much to be desired, Ukraine has consistently shown its crypto-friendliness. According to a ranking by Chainalysis, in September of 2020, Ukrainians were the world's top cryptocurrency adopters.
In Ukraine, daily cryptocurrency trade volume is estimated to be about 37,000 USD, according to Mykhailo Fedorov, the Minister of Digital Transformation of Ukraine.
There are only a few countries in the world where cryptocurrencies are expressly legalised. Some of these countries include most EU nations and Asian countries like Singapore. Only recently, El Salvador became the first country in the world to make Bitcoin an official legal tender, as more countries move towards crypto adoption.
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