Parliament is hoping that the new regulations should lead to more business opportunities and drive the country’s economy.
Last Piece of the Puzzle
Country after country are taking steps towards making a regulated cryptomarket the new norm and by doing so, they are hoping to boost their own economy. With Ukraine now approving a crypto bill, as many as five countries in as many weeks have set up the ground rules for digital currencies following El Salvador’s move to adopt Bitcoin as legal tender.
The voting of the bill resulted in a near-unanimous approval and the last piece of the puzzle before being enacted as a new law, will be the signature of President Volodymyr Zelensky.
Legal or Not Legal, That’s the Question
Although this is a major step, Ukraine is no stranger to the world of cryptocurrency. However, it has long been a grey area and because of a lack of regulations, the use of crypto has been neither legal nor forbidden. You can see how this can be confusing.
This has led to some issues in the sense that even though it has been legal to both buy and exchange, if something went wrong, local courts could not protect people in cases of fraud.
Protect the People
While El Salvador went all in on Bitcoin, Ukraine has chosen to tread more cautiously. The presented draft bill that was brought to the parliament is designed to protect the owners of virtual assets and exchange platforms from fraud.
As the bill reads, it will regulate “legal relations arising in connection with the turnover of virtual assets in Ukraine, define the rights and obligations of participants in the virtual assets market and the principles of state policy in the field of virtual assets”.
One of the biggest advantages with the new bill, should it be passed and turned into law, is the influx of new business opportunities, especially from crypto companies.
“The adoption of specialized legislation should lead to more opportunities for businesses to establish their base of operation in Ukraine as well as drive the country’s economy,” said Deputy Minister Oleksandr Bornyakov.
Better Transparency Practice
With more regulations into the sector also comes a better transparency practice that can help restore people’s trust in the state.
We will continue to stay updated on the crypto situation in Ukraine.