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After struggling to find a way to regulate crypto assets, the Ukrainian government has finally approved a bill that legalizes the flagship crypto asset and other digital currencies in the country.
A somewhat similar crypto bill was introduced last year in September as well. However, it was not approved by the President as he argued that the country could not afford to form a separate and specific regulatory body for Bitcoin.
Therefore, the bill was submitted to the parliament along with some suggestions from the President, according to which the existing regulatory bodies were to be responsible for the crypto sector. Even though Ukraine has not adopted BTC as a legal tender, the parliament approved the revised version considering the President’s suggestions.
Thanks to the approval of the amended bill, Bitcoin and other digital assets are now legal in Ukraine.
If you are also looking to buy Bitcoin then make sure you choose one of the topmost crypto exchanges that suit your needs the most.
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What to Know About the New Crypto Law?
According to an official statement, the new Law of Ukraine on Virtual Assets was passed on Thursday, after receiving over 270 votes. The bill addresses some important aspects of legalizing digital assets in the country such as:
- Requirements that the BTC service providers will abide
- Fines for violating the provisions of the law
- Determining that the National Securities Commission in the country will regulate the crypto market
As per the statement, Ukraine’s National Securities Commission will be required to issue permits to crypto service providers, supervise and carry out financial monitoring of the crypto market.
This approved crypto bill is also set to support businesses in the country and offer several benefits.
The Ukrainian minister of digital transformation, Mykhaylo Fedorov, stated:
“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,”
Thanks to the new crypto law, Bitcoin and crypto exchanges will be able to offer their services to the users while following clear guidelines. These rules and guidelines will keep the users’ assets protected from any kind of fraud or misuse.
The founder of White Rock Management and the Parea Foundation international fund, Serhiy Tron, has stated that the Ministry of Digital Transformation in the country aims to make Ukraine a leader in the global crypto market. The newly approved Bitcoin law certainly facilitates these plans.
Tron added:
“By creating a high-tech, innovative cryptocurrency market that plays by clear rules, the country expects the speedy arrival of crypto investors from all over the world,”
According to Tron, the possibility to legally develop business in Ukraine with crypto assets will attract a large number of crypto investors from all over the world, which is beneficial for the country.
What Should you Know as A Crypto Investor?
As a crypto investor, you will have plenty of crypto assets to choose from. However, if you are interested in Bitcoin, make sure you choose one of the best platforms from a list of Bitcoin exchanges.
It is also important for novice crypto investors to take a look at the market and price movements before they invest in any digital asset.
Bitcoin and Ethereum are two of the most popular crypto assets and if you are looking to invest in either, you can click on SwissBorg or Kraken (U.S. citizens).
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