Sunday, November 27, 2022

Bitcoin Legality in Ukraine

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In a final reading, the country’s parliament approved a revised measure to legalize bitcoin and other cryptocurrencies.

The Ukrainian parliament approved a bill in the final reading corresponding with the president’s directives. The country, however, has not made bitcoin official tender.

The new law, according to Mykhaylo Fedorov, Ukraine’s minister of digital transformation, offers an additional potential for corporate development. Crypto enterprises from both abroad and Ukraine will be able to operate lawfully. So, Ukrainians will have easy and secure access to the global virtual asset market.

The Ukrainian parliament adopted the new Law on Virtual Assets on Thursday with over 270 votes. Specifically, the measure lays forth the conditions that Bitcoin service providers must meet.

They enforce the legislation and punish exchanges that break it, while the National Securities Commission regulates the cryptocurrency industry.

Moreover, the Securities Commission of Ukraine will be in charge of providing Bitcoin licenses. According to the announcement, they will supervise bitcoin service providers and monitor the market financially.

In September, Ukraine introduced a similar cryptocurrency measure. President Volodymyr Zelensky, on the other hand, vetoed it the next month. He claimed that the country couldn’t afford to set up a separate regulatory organization for Bitcoin and cryptocurrency.

President Zelensky then sent the law back to the Ukrainian parliament, recommending that current regulators monitor the burgeoning sector. Furthermore, parliament has now taken his suggestions into account and passed the modified measure.

Bitcoin Entrepreneurship and Capital

The tax legislation must be amended, according to Serhiy Tron, founder of White Rock Management.

Nonetheless, the National Bank of Ukraine designated digital currency a “monetary replacement” with no real value. The Ministry of Digital Transformation can become a global leader in Bitcoin and cryptocurrencies.

Also, the government expects a worldwide rush of crypto investors by building a high-tech, innovative cryptocurrency market with clear laws.

The Bitcoin bill in Ukraine allows the peer-to-peer money to leave the “gray” zone. There should be specific legislation describing how the asset and institutions should perform to safeguard and reassure investors.

To secure consumers’ cash from service providers like custodians, Tron claims bitcoin exchanges may now operate under strict criteria.

He further claimed that the Law on Virtual Assets clearly states that cryptocurrency is lawful in Ukraine.The ability to conduct business legally in Ukraine will entice crypto-investors from all over the world to visit our country.

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Louis Honsa
Louis Honsahttps://www.cryptoconstellation.com/
Louis Honsa is an independent writer for Cryptoconstellation. He is a data analyst and trades NFT’s too. Louis enjoys cycling and working out in his free time.
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