Ukrainian Government Introduced A Law To Legalise & Regulate Cryptos

The new law, which was passed on Wednesday, does not declare Bitcoin or any other cryptocurrency to be legal tender, but it does allow the country to manage it lawfully.

Crypto activity is neither illegal nor legal in the country, as it is in most other countries, including India. The bill was passed virtually unanimously, and now it must be signed by President Volodymyr Zelensky.

Following El Salvador’s approval of Bitcoin as legal cash, Ukraine will become the fifth country to establish governing criteria for digital currencies.

Changpeng Zhao, CEO binance made a tweet about the new crypto regulations which will be soon implied in Ukraine.

The Crypto Space Will Be Regulated By The Law

El Salvador has made more progress than Ukraine. They have legalised and regulated the financial asset, but they have not designated Bitcoin as legal money.

This indicates that the country’s new law does not place Bitcoin or any other cryptocurrency in the same category as the hryvnia, the country’s national currency.

The law will regulate, according to the Ukrainian draught bill.

“legal relations arising in connection with the turnover of virtual assets in Ukraine, define the rights and obligations of participants in the virtual assets market, and the principles of state policy in the field of virtual assets”.

In a nutshell, the regulation would safeguard virtual asset owners and exchange platforms from grey-area fraud.

Previously, there were no clear legal implications for trading digital assets. It wasn’t illegal, but it wasn’t allowed either.

The Regulation Chaos

While purchasing and exchanging cryptos was legal, there was no legal framework in place to protect people in the event of fraud or if something went wrong.

Mykhailo Fedorov, Ukraine’s Minister of Digital Transformation, recently stated that the government needs to improve its payment system in order for the National Bank to issue digital money.

Cryptocurrencies are being regulated in a number of nations. India is one of the countries that is developing regulatory frameworks for these asset classes.

The Happy Crypto Supporters On Twitter

Crypto fans are just getting more happy-go-lucky as one-by-one countries legalising cryptocurrencies. As a result the cryptocurrency market will get more audience in it and more the demand, the more supply and the more market capitalization and the more crypto adoption.

A user posted a funny tweet after Ukraine introduced the crypto bill on Parliament.

Founder and CEO of KickEX Anti Danilevski wrote in a tweet saying, “So, #Ukraine just legalized #crypto. It is a bit bigger country than #ElSalvador, with A LOT of traders and crypto owners. But worldwide community and press are sleeping on this news. Wtf, people!”

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