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After El Salvador, now this country has made cryptocurrency legal!

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Cryptocurrency

Cryptocurrency is legal in Ukraine. Ukraine’s parliament passed a law on 8 September, following El Salvador’s enactment of a law legalizing bitcoin as a legal tender on 7 September. This law will also regulate virtual assets. In the process, Ukraine became the fifth country in the world to pass a law that seeks to legalize and regulate cryptocurrencies. Governments around the world are slowly realizing the importance, future prospects, and scope of demand for cryptocurrencies. 276 lawmakers in Ukraine supported the legal draft and voted for a bill to legalize cryptocurrencies. Previously there were no set laws defining the legality or value of cryptocurrencies in Ukraine.

Highlights :

  • Ukraine has plans to open a cryptocurrency market.
  • The turnover of virtual assets in Ukraine is $37,000 (approximately Rs.27 lakh).
  • Ukraine’s parliament passed a law on 8 September.
  • 276 lawmakers in Ukraine supported the legal draft

If the law is signed by President Volodymyr Zelensky,

it will protect owners of virtual assets and exchange platforms from fraud, the Kyiv Post reported. Ukraine seems to have placed itself in a safe zone when it comes to dealing with cryptocurrencies within the country.

The report further states that Ukraine plans to open the cryptocurrency market to investors and business practices in the future after the enactment of this law. Experts say the approved bill is significant as it shows virtual assets in an abstract form as electronic data. It also talks about “wallet for virtual currency” and “private key”, some terms that are new to Ukrainian law.

According to this law, the main regulators of the virtual assets market

are the Ministry of Digital Transformation of Ukraine, the National Bank of Ukraine, and the National Securities Commission. According to the country’s Minister of Digital Transformation Mykhailo Fedorov, the daily turnover of virtual assets in the country is $37,000 (approximately Rs.27 lakh) and it is very popular among the residents of the country. Now, with the existence of this law, the system will become more transparent, and more and more Ukrainians will come forward to invest in the market. Earlier this week El Salvador upheld bitcoin as a legal tender.

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