Ukraine, the newest state to legalize Bitcoin and cryptocurrencies

Syed AhadWeb Editor

10th Sep, 2021. 07:46 pm
Ukraine

Parliament of Ukraine has accepted a new law that authorizes and regulates cryptocurrency and other virtual assets like tokens.

The bill was approved in a near-unanimous vote and will now need to be signed by President Volodymyr Zelensky.

Ukraine is the fifth state in as numerous weeks to set up ground rules for digital currencies succeeding El Salvador’s move to adopt Bitcoin as legal tender.

However, Ukraine has not gone as far as El Salvador, which adopts Bitcoin as an authorized form of payment together with US dollars.

As per the Ukrainian draft bill, the law will order “legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of virtual assets”.

Cryptocurrencies in Ukraine have long been in a grey part, being neither lawful nor banned due to a lack of present laws that defined them and their usage.

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