Bitcoin Magazine reported that the Ukrainian Parliament voted to pass the Virtual Assets Bill with more than 270 votes in favor, which includes the content of legalizing Bitcoin and other cryptocurrencies.
The bill establishes a basic legal framework for all virtual assets in Ukraine. The body of the bill refers to cryptocurrencies like Bitcoin and Ethereum under the term “virtual property” – defined as any asset that cannot yet be legally used as a payment instrument or transactions for other assets, products or services.
Ukraine is the next country to adopt a legal framework for Bitcoin and digital assets
In addition to laying the legal foundation for incorporating crypto-assets in the financial and regulatory system of Ukraine, the bill also confirms the rights of citizens to hold and use cryptocurrencies, and defines rights and obligations of all participants in the cryptocurrency market.
“The new law offers an opportunity to develop the economy in Ukraine. Cryptocurrency companies at home and abroad will be allowed to operate legally, while Ukrainians will have access to the digital asset market. globally conveniently and securely,” Ukraine’s Digital Transformation Minister Mykhaylo Fedorov said in a statement.
The bill establishes a basic legal framework for all virtual assets in Ukraine
The Ukrainian parliament introduced a similar bill on cryptocurrencies in September 2021, but it was vetoed by President Volodymyr Zelensky. The bill was subsequently revised to ensure the necessary legal mechanisms were in place to implement and meet the constitutional requirements.
The new bill also outlines requirements for Bitcoin service providers, including exchanges. At the same time, propose penalties for individuals and organizations that violate regulations. The National Securities Commission of Ukraine will be responsible for regulating the domestic cryptocurrency market.
However, this does not mean that Bitcoin will become a legal currency in this country
