2 November 2024
Ukraine Passes Bill To Legalize Cryptocurrencies
Amid fears of war, the Ukrainian government has passed a law to legalize Bitcoin and other Cryptocurrencies.
Yesterday, the Ukrainian parliament voted in the majority in favor of a Virtual Assets Bill. It grants legal status to all Cryptocurrencies. The 300 voters supported the bill, while two voters were against it.
The news was confirmed by Ukraine's Vice Prime Minister Mykhailo Fedorov, who is also serving as the nation's Minister of Digital Transformation.
He tweeted, "Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exchanges and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.”
The bill recognizes all Cryptocurrencies as 'virtual assets,' but they will not be allowed to use as a payment method or traded for other assets, products, or services.
Bill further states that the Crypto service providers must follow the rules and regulations set by the bill. If anyone violates regulations, significant fines will be charged. Additionally, the National Securities Commission will regulate the Ukrainian Crypto market.
A few days back, Russia legalized Cryptocurrencies. Currently, the Russian users hold over $200 Billion worth of Crypto with an estimated revenue opportunity of $13 Billion in Crypto taxes per year.
At the same time, the yearly Crypto transaction volumes in Ukraine are estimated to be around $8 Billion. According to Chainalysis, the country ranks in 4th position of the global Crypto adoption index.
Meantime, Elliptic, the blockchain analytics reported that Cryptocurrencies have been used extensively for funding Ukraine's war preparations along the border. The NGOs in Ukraine are accepting Crypto donations to fund war efforts.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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