Ukraine Is One Step Away From Crypto Legalization
Ukrainian President Volodymyr Zelensky signed the law “On Virtual Assets.”
The bill “On Virtual Assets” was signed by the President of Ukraine Volodymyr Zelensky. The project has been developed since 2020, and on February 17, 2022, the deputies of the Verkhovna Rada adopted an updated document text in the second reading.
The law regulates the circulation of cryptocurrencies on the territory of Ukraine, thanks to which crypto exchanges will be able to work legally in the country. Once the law comes into force, local banks will have the opportunity to open accounts for crypto companies. Owners of digital assets can protect their rights in courts.
Cryptocurrency market regulation is divided between the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSMC). Cryptocurrencies backed by currency will fall under the control of the NBU. Digital assets secured by securities or derivatives will be regulated by the NSSMC.
The law “On Virtual Assets” will take effect after introducing changes to the Tax Code, which should set out the taxation features of the cryptocurrency market.