Ukraine Parliament Passes Bill That Legalize Bitcoin And Cryptocurrencies

As war is upon Ukraine, the country parliament decided to legalize crypto, making it easier to use them.

Ukraine parliament approves Ukraine Virtual assets law with 272 votes out of 365 supporting the bill in an official announcement.

Mykhaylo Fedorov, Ukrainian minister of digital transformation, said:

“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,”

This is the second attempt by the Ukrainian authorities to legalize crypto in the country. In the first attempt made on October 2021, the government introduced a bill to create the regulatory body that oversees crypto. Still, the endeavor was intercepted by the country president Volodymyr Zelensky, who asked for some changes in the bill and told parliament about the lack of funds for supporting any such bill back in Oct.

Keeping the president’s proposed changes in consideration, the Ukrainian government approved the bill on Thursday, highlighting that the country’s national securities commission, Ministry of Digital Transformation, and Ukraine national bank will help regulate crypto and make necessary laws.

It should be noted that Ukraine’s crypto bill does not make Bitcoin a legal tender in the country; instead, the law would help regulate crypto for their lawful use country-wide.

The Ukraine national securities commission will now start offering permits to crypto service providers and will monitor and supervise the market.

According to Konstantin Yarmolenko, Head of Advisors to the Parliamentary Group Blockchain4Ukraine, Zelensky is expected to sign and publish the law within the next ten days. Local lawmakers are also expected to introduce a bill on Ukraine’s tax code to regulate “all issues related to taxation of cryptocurrencies and other virtual assets.”