Hot on the heels of one of the most ground-breaking and significant developments in the history of the crypto industry, where El Salvador finally made Bitcoin (BTC) legal tender, it now looks like Ukraine is also considering potentially legalize cryptocurrencies as well.
To that end, Ukraine’s parliament has recently approved legislation according to which crypto assets would be legitimized and subsequently regulated within the nation. This is reportedly the next step towards attracting more investment into the country.
Cryptocurrency draft law passes second reading
With the abovementioned information in mind, a new draft law had reportedly passed the secondary reading by Ukraine’s parliament. The law concerns the legalization of cryptocurrencies in the country, and it is of the utmost significance because prior to this, digital tokens and cryptocurrencies were widely considered to be in ‘limbo,’ wherein digital assets were not legal nor illegal. The law passed the aforementioned second reading yesterday, on September 8th, 2021.
As per the latest information available, 276 of Ukraine’s lawmakers had reportedly voted in support for the digital asset bill 3637, through which both wider acceptance and the implementation of a regulatory infrastructure can now be underway. Once the law is officially passed by Volodymyr Zelensky, Ukraine’s president, protection shall be offered by the new legislation to cryptocurrency asset investors as well as exchanges concerning any and all fraudulent entities and behavior.
A new digital age for Ukraine?
As per Ukraine’s Ministry of Digital Transformation, the country has plans of opening up access to the crypto market for various investors and businesses by next year. However, it must be mentioned that before this can become a possibility, the nation’s parliament has to approve a set of various laws as well as amend Ukraine’s Civil Code and Tax Code.
Furthermore, as things are right now, Ukraine’s citizens are not allowed to use crypto as a form of payment for various goods and services, but this is not to say that there isn’t any interest in cryptocurrencies. Investors and traders can still purchase and sell the crypto assets on approved exchanges within Ukraine, and the new law shall enable the cryptocurrency and blockchain-oriented institutions in the country to function legitimately. To that end, there are plans to potentially forming a new regulatory body for the purposes of issuing permits to cryptocurrency-related companies and businesses.
Ukraine’s Mykhailo Fedorov has since stated that the popularity surrounding cryptocurrencies is rapidly increasing amongst the country’s citizens and that the nation shall join the likes of Singapore and Germany when it eventually legalizes cryptocurrency assets.