Mykhailo Fedorov (Ukraine minister for digital transformation) stated that the bill was passed by Ukraine’s parliament to legalize cryptocurrency. He stated that cryptocurrency exchanges can now be legally operated and will protect any crypto assets.

Ukraine had previously attempted to legalize cryptocurrencies last September, however, President Volodymyr Zelenskyy voted against the bill, stating that Ukraine couldn’t afford to build a completely new regulatory system for cryptocurrency.

Zelenskyy proposed that crypto regulation be placed under supervision by the National Commission on Securities and Stock Market in the previous draft of Law on Virtual Assets. This oversight was added to the final version of law. It passed parliament.

According to the official statement the National Commission on Securities and Stock Market is responsible for:

• The policy on virtual assets should be developed and pursued;
• How to determine the order in which virtual assets circulate
• issuance of permits for virtual asset service providers
• Financial monitoring and supervision in this sector.

Ukraine came 4th in the world for crypto trades, as of 2021. There are many blockchain developers in Ukraine, as well as growing numbers of crypto startups.

“Today, the potential of the global crypto industry is determined by billions of investments. The industry’s growth rate exceeds that of other sectors. The virtual asset market in Ukraine can be a strong sector of the new digital economy. Thanks to the adopted Law, we have every chance to be a leading country for business development in this innovative field,”
Oleksandr Bryakov, the deputy minister of digital transformation for IT development was mentioned.

The Flipside

• Legalization of cryptocurrency is not possible in Ukraine.

EMAIL NEWSLETTER

You can also join the crypto-verse

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
It takes just 1 click to unsubscribe.

Continue reading on DailyCoin