Ukraine's Cryptocurrency Legalization Bill Passed!
It is said that the Ukrainian parliament has almost unanimously adopted a law legalizing and regulating cryptocurrencies. As a result, Ukraine became the fifth country to stipulate basic legislation for the cryptocurrency market. The bill was introduced in 2020 and finally passed Congress, leaving the last President Volodymyr Zelenskyy to sign.
In Ukraine, people were buying and selling cryptocurrencies, but companies and exchanges handling them were closely monitored by regulators. According to Kyiv Post, authorities considered cryptocurrencies a 'fraud' and took a negative stance, such as raiding and searching crypto-related companies or confiscating expensive equipment. For example, in August, the Ukrainian Security Agency (SBU) shut down a network of secretly operating cryptocurrency exchanges in the capital Kiev. SBU claims that the exchange provides anonymity for money laundering and transactions.
The new law also provides protection against fraud for those who own cryptocurrencies such as Bitcoin, and defines key terms for cryptocurrencies.
However, unlike El Salvador, Ukraine's cryptocurrency law does not support Bitcoin payment methods and does not place it in the East Dean's position with the national currency, the hryvnia.
When President Zelensky made an official visit to the United States last month, he cited a 'market for legal innovation in virtual assets' as an investment point, and Minister of Digital Innovation Mykhailo Fedorov said it is modernizing payment methods and banks can issue digital currencies.
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