Ukraine creates regulatory framework to boost cryptocurrency adoption

Ukraine legislates on cryptocurrencies

The bill number 3637 was passed yesterday by the Ukrainian parliament. It officially regulates cryptocurrencies in Ukraine. According to a publication of local media Ain, 276 deputies voted in favor of the law.

Cryptocurrencies were not previously banned, but the law helps confirm their place in Ukraine. They are now officially legal, and market participants will now be able to protect their assets through legal mechanisms.

International service providers will have to comply with the standard data collection requirements that have been established by the Financial Action Task Force (FATF ) in recent years. The law also establishes a new regulatory entity, the National Virtual Assets Regulatory Service.

The Deputy Minister of Digital Transformation further confirms that it is not only about regulating, but also about encouraging the use of cryptocurrencies:

We expect that there will be a real market of intermediaries that allow payments for goods with crypto-assets, as well as storage and exchange. So there will be more options for their use.

Also read – El Salvador officially adopts Bitcoin (BTC) as legaltender

Ukraine remains very “crypto-friendly”

The law comes as no surprise when you consider the very “crypto-friendly” approach of the Ukrainian government lately. In May 2020, the Ministry of Energy had suggested the use of the country’s nuclear power plants to mine Bitcoin (BTC). And as early as the same year, one could find courses on cryptocurrencies offered by the government.

It must be said that the government employees of Ukraine are particularly open to cryptocurrencies. Last April, it was learned that they held between them 2.6 billion dollars in Bitcoin (BTC)…

This is also reflected in the people: Ukraine is in 4th place in the ranking of countries that have most adopted cryptocurrencies. So this is a good example of a country that has decided to open up to cryptocurrencies rather than oppose them.

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About the author : Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the cryptocurrency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.