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Ukraine passes legislation to recognize and regulate crypto

3 min reading

The Ukrainian parliament approved the draft resolution “On virtual assets,” striving for the first time to legalise cryptocurrency in the country

Ukraine parliament recently adopted legislation regulating foreign and domestic cryptocurrency exchanges operating from within the country. The Ukrainian parliament adopted the draft law “On virtual assets” trying to introduce crypto for the first time in the country. The legislation is based on the existing standards are is created by the intergovernmental policy-making organization, Financial Action Task Force on Money Laundering (FATF). 

The Ukraine’s Ministry of Digital Transformation has been given the task to oversee the integration of the latest virtual asset regulation and guiding the industry’s growth, in connection with “International standards.” Anastasia Bratko of the Ministry of Digit al Transformation said the law lets companies to introduce virtual asset markets in Ukraine and it will allow banks to “open accounts for crypto companies.” 

“Ukrainians will also be able to declare their income in virtual assets,” she said, stating that the law “guarantees judicial protection of the rights to virtual asset owners.” A recent announcement from the ministry highlighted that “the country will receive additional tax revenues to the budget, which will be paid by crypto companies. The adopted norms establish rules for service providers related to the circulation of virtual assets and contribute to the market’s de-shadowing.” Virtual asset service providers (VASPs) “must have an impeccable business reputation” and will be required to reveal their ownership structure to identify their beneficial owners. 

Deputy minister of Digital Transformation of Ukraine, Oleksander Bornyakov, emphasised attributes contained in the legislation to attract “foreign exchange to the Ukrainian market, it will become a powerful incentive for the further development of the crypto-sphere in Ukraine. Banks will open accounts for them and conduct transactions with a new class of assets. I am sure that society, business and the state will benefit from the legalization of the new sector of the economy.”

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