Monday, December 5, 2022

Ukraine’s Crypto Legalization Legislation Is About To Go Live

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Ukraine’s crypto legalization legislation is about to go live today after months of deliberation and a veto from the president, the virtual assets bill is set to become law in Ukraine as of late as we can see furhter in today’s latest cryptocurrency news.

The new bill incorporated the amendments proposed by president Zelensky who sent it back to the Parliament back in October. The new law will allow Ukrainians to report income from crypto assets as the Ministry of Digital Transformation said:

“Ukrainian Parliament, in accordance with the President’s proposals, adopted the Law “On Virtual Assets”. This means that Ukrainians will be able to declare their income in virtual assets, banks will open accounts for crypto companies and Ukrainian crypto exchanges will work legally.”

Ukraine’s Vice Prime Minister and the Minister of Digital Transformation Mykhailo Fedorov welcomed the decision and said:

“Ukraine is already in the top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted the law on virtual assets! This will legalize crypto exchanges and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.”

According to the local reprots, the Ministry is now working on amendments to civil and tax codes which will accommodate the new regulations. Ukraine’s crypto legalization has been in the works since last November and the country’s Parliament approved a similar one in October hoping to become a leader in the crypto space. However, President Volodymyr Zelensky put a veto on the bill and sent it back to the Parliament for Changes due to a provision on the new regulatory body.

Heads Of CFTC And SEC, crypto, assets,

The new regulator will oversee virtual assets together with the Ministry of Digital Transformation, the national Securities Commission, and the Ministry of Digital Transformation. However, Zelensky opposed the requirements and said there’s no money in the budget for a new agency which is why he sent the bill back to Parliament. After they accepted his proposed amendment, the bill will become law in Ukraine. The tensions between Ukraine and Russia are at an all-time high with the Russian troops nearing the border as things can escalate into open conflict. The Ukrainian officials are a target of a massive hacking campaign and the US authorities said that the Russian government hackers are behind the attacks.

Still, the instability In Ukraine helped boost crypto and the reports show that the Ukrainian paramilitary units are still behind the main crowdfunding by using crypto. Despite the tensions, Ukraine and Russia are among the countries that are most crypto-aware.

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