Ukrainian Parliament Passes Law That Legalizes and Regulates Bitcoin in the Country

The bill from 2020 passed with 276 lawmakers supporting the law and only six against it.

Ukraine Provides Clarity

Ukraine has taken a step few countries have considered by passing a law that legalizes and regulates bitcoin.

In a bid to make cryptocurrency safer for users, Ukraine’s parliament has passed the bill with the hope of helping businesses and individuals thrive. 

The bill passed on the 8th of September with Ukraine’s Minister of Digital Transformation telling the Kyiv Post that the regulatory clarity will invite further investment from Ukrainians. 

“Only a few countries in the world have legalized crypto assets- Germany, Luxembourg, Singapore. Ukraine will be one of them,” he continued. 


What Does New Bill Mean?

Ukrainians will officially be able to own, trade, and exchange cryptocurrencies using local or foreign exchanges that are registered in Ukraine. Hryvnia, the national currency, will remain the sole means of payment regarding the exchange of goods and services, but crypto will be officially recognized as an asset.   

Organizations will be offered the opportunity to register a crypto business upon proving that it is transparent and has a worthwhile reputation. They will be required to declare their activities to the state, which will be in aid of preventing financial illegalities like money laundering and funding illegal activity. 

The news will be welcomed by crypto enthusiasts throughout the world who have been paying attention to the regulatory tide that is sweeping through a growing number of nations. We’ll be following closely to see whether Ukraine’s move will influence its European neighbors.

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