Ukraine decides cryptocurrency and Bitcoin legal in the country. But these rules have not made Bitcoin a legal tender.
The decision follows parliamentary support for the final reading of the updated bill. The agency passed the Virtual Asset Law on Thursday by more than 270 votes.
“This new law is an additional opportunity for business development in our country,” said Ukraine’s Minister of Digital Transformation, Mykhaylo Fedorov, quoted from Nasdaq, Friday (18/2/2022).
“Foreign and Ukrainian crypto companies can operate legally, and Ukraine will have convenient and secure access to the global market for virtual assets.”
In the new rules, there are requirements that must be obeyed by Bitcoin service providers such as exchanges. There is also a provision for fines if there is a violation of the provisions of the Act.
The National Securities Commission of Ukraine was also appointed to regulate the country’s cryptocurrency market. The agency’s job is to issue licenses to Bitcoin and crypto service providers, as well as to supervise and monitor market finances.
Serhiy Tron, founder of White Rock Management and international fund Parea Foundation, suggested the rules needed to be refined. One of them is related to changes in the tax code.
“Nevertheless, the document is an important signal to the global community, ever since the National Bank of Ukraine officially declared digital currency a ‘monetary substitute, which has no real value’.
According to him, the Ukrainian Ministry of Digital Transformation has plans for the country as a leader in the global Bitcoin and crypto market facilitated by legislation. Ukraine expects the arrival of crypto investors with the existence of this market.
“By creating a high-tech, innovative cryptocurrency market that plays by clear rules, the country expects the rapid arrival of crypto investors around the world,” he explained.