Ukraine became the latest country to legalize and regulate cryptocurrencies by providing official clarity of the industry. 276 lawmakers voted in favor of the bill and 6 against it.
The bill was presented in 2020. After getting the approval of the parliament, it needs to be signed by President Volodymyr Zelenski. Kyiv Post writes if the law comes into force, it will protect the holders of digital assets from deception.
Previously, the country didn't forbid crypto, but there were no laws to define them.In accordance with the law, crypto businesses can work officially in Ukraine and pay taxes. Further plans include opening the crypto market for enterprises and investors by 2022.
To realize the initiative, the legislators need to define the framework of operations. Despite virtual assets being legitimate in Ukraine, the citizens can't use them as a means of payment. They can hold, exchange and trade crypto via local or foreign platforms registered in the country.
Hryvnia, Ukraine’s national currency is the only means that can be used for payments.