UKRAINE

Parliament passes law to legalize cryptocurrency in Ukraine

A total of 276 Ukrainian lawmakers voted for the bill legalizing and regulating cryptocurrency and other virtual assets like tokens in Ukraine.

Cryptocurrencies have been neither legal nor forbidden in Ukraine because there were no laws that defined them. Ukrainians could buy and exchange virtual currencies, but local courts couldn’t protect them if something went wrong.

If signed by President Volodymyr Zelensky, the law will protect the owners of virtual assets and exchange platforms from fraud. It will also determine how Ukraine will regulate the cryptocurrency market in the future.

Ukraine plans to open the cryptocurrency market for businesses and investors by 2022, a pressperson from the Ministry of Digital Transformation told the Kyiv Post, but the parliament has to pass a set of laws and amend the Tax Code and the Civil Code first.

Source: KyivPost – Ukraine’s Global Voice

Andriey Nabukhotnyi

Former editor-in-chief of Ukrainian specialized magazine catalogue Entertainment Industry. Andriey is E-Play's observer of Eastern European gambling market.

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