Ukraine Approves Law to Regulate Crypto Industry

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


The Ukraine parliament, the Verkhovna Rada, has finally passed legislation dictating the rules for crypto-related activities in the country. The parliament adopted the “On Virtual Assets” law on its second and final reading. Lawmakers voted overwhelmingly for the law, with 276 out of 376 present MPs voting yes to the motion, while only six voted against it.

The new law will take effect immediately after lawmakers approve amendments to the Ukrainian tax code to accommodate the taxation of cryptocurrency transactions.

Provisions of the crypto law recognize digital assets as secured or unsecured intangible goods. However, the government does not recognize cryptocurrency as a legal means of payment and prohibits its use in payments of goods and services.

Also, the newly-passed law introduces the term “financial virtual assets” for the issuance of entities registered in the country. Assets backed by currencies will get regulated by the National Bank of Ukraine (NBU). Security or derivatives-based assets will get regulated by the National Securities and Stock Market Commission (NSSMC).

Per the law, the crypto community in the country can independently determine the value of digital assets, open bank accounts to facilitate transactions, and pursue judicial protection for associates’ rights. Also, Service providers are mandated to comply with the existing anti-money laundering (AML) regulations and know your customer (KYC) requirements.

The Verkhovna Rada

Ukraine is Crypto-Friendly: Executive Power Representatives

According to representatives of the executive power, the Ukrainian authorities maintain a friendly stance on the country’s growing crypto industry. In a recent visit to the US, Ukraine President Volodymyr Zelensky emphasized the importance of fostering a legal digital assets market, noting that it is a “development vector” of the European country’s digital economy.

The Minister of Digital Transformation Mykhailo Fedorov noted that the administration seeks to model the country as an attractive jurisdiction for crypto companies.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *