SnapBots News Review-Ukraine Passes Legislation to Recognize and Regulate Crypto

On Sept. 8, the Ukrainian Parliament adopted a law that legalizes and regulates cryptocurrency in the country for the first time. Ukraine is the fifth country to lay down rules for the cryptocurrency market. The bill was set in motion in 2020 and is passed with a total of 276 lawmakers supporting the law, and only six against it.

Bill №3637 On Virtual Assets gives Ukraine the ability to now legally regulate digital currency. According to the bill draft, “this law regulates legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of virtual assets.”

Though earlier, locals were allowed to buy and exchange cryptocurrency, many companies and exchanges dealing with crypto were under close watch by law and was often getting raided since bitcoin was not given any legal or illegal status. The main purpose behind this bill is to provide clarification on the asset and protect those who own bitcoin.

Now that this bill is passed, courts can now properly protect individuals and businesses. The bill provides tax clarity and officially allows bitcoin businesses to operate within the country. It also sets some guidelines for how Ukraine may try and regulate bitcoin more in the future.

This bill gives the citizens “permission” to own and trade bitcoin and other cryptocurrencies on exchanges. The bill also gives clarity on wallets and what private keys are.

Anastasia Bratko of the Ministry of Digital Transformation said the law allows companies to launch virtual asset markets in Ukraine and enables banks to open accounts for crypto companies.

Source: https://cointelegraph.com/news/ukraine-passes-legislation-to-recognize-and-regulate-crypto

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