The Ukrainian authorities have passed a law allowing banks to accept transactions from blockchain companies working with cryptocurrency. According to FXStreet, the country is about to legalise digital assets. If this happens, cryptocurrency holders will be legally protected in case of fraud or theft.
Despite the fact that last year Ukraine became the number one country in terms of the number of cryptocurrency users, Bitcoin did not have legal status. The new bill, developed by the Ministry of Digital Transformation, is set to enter into force in the coming months after it is signed by the president. By this time, the authorities must amend the tax code.
If the bill is passed, the authorities will be able to freely regulate digital assets. The law will spell out the rights and obligations of those active in the cryptocurrency market.
Unlike El Salvador, Ukraine is not yet going to make Bitcoin an official means of payment. Digital currency still cannot be used to purchase goods or services, but it can be freely traded. In addition, blockchain-related companies will be able to work directly with banks.
The law was passed with the support of 276 deputies, while only six opposed it. The main motive for this step was the protection of the owners of Bitcoin and other cryptocurrencies.
Previously, the government considered digital assets to be a fraud, which is why crypto companies often had problems with the authorities. Thanks to the new law, crypto organisations will be able to operate legally.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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