Ukraine's parliament voted in favor of a bill granting legal status to Bitcoin and other cryptocurrencies.
Ukraine Legalizes Cryptocurrency
Ukraine is the latest country to adopt a regulatory framework for crypto assets.
Ukraine's parliament voted in favor of the Virtual Assets Bill on Thursday giving legal status to all cryptocurrencies and virtual assets. The bill received 300 votes in favor and only two against.
The bill establishes a basic regulatory framework for all virtual assets in Ukraine. It refers to cryptocurrencies such as Bitcoin and Ethereum under the term “virtual asset”, defined as any asset that cannot yet be legally used as a payment instrument or traded for assets. other products, products or services.
In addition to laying the legal foundation for incorporating crypto-assets in the financial and regulatory system of Ukraine, the bill also confirms the rights of citizens to hold and use cryptocurrencies, and defines rights and obligations of all participants in the cryptocurrency market.
While the same Virtual Property Bill previously passed the Ukrainian Parliament in October, it was vetoed by the country's president, Volodymyr Zelensky. The bill was then revised to ensure it had the necessary legal mechanisms to implement and meet the constitutional requirements.