Ukraine legalizes cryptocurrencies- Zelensky signing the law “On virtual assets”, which legalizes cryptocurrencies in Ukraine

Ukraine legalizes cryptocurrencies: President of Ukraine Volodymyr Zelenskyy signed the law “On Virtual Assets” adopted by the Parliament a month ago, giving the “green light” to launch a legal market for virtual assets in Ukraine and withdraw operations with cryptocurrencies from the shadows.

Ukraine legalizes Cryptocurrencies

Since April 2020, the law on financial monitoring has been in force in Ukraine. Among other things, he introduced the verification of transactions with cryptocurrencies in the amount of over UAH 30,000, as well as the blocking of crypto wallets and the confiscation of cryptocurrencies for violations.

At the same time, the status of cryptocurrencies and the procedure for transactions with them have not been legally regulated until this moment – this gap is intended to fill the new law.

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New law on legalizes cryptocurrencies

  • Determines the legal status, classification and ownership of virtual assets;
  • Determines the regulators of the market – the National Bank of Ukraine and the National Commission for Securities and Stock Markets;
  • Creates conditions for the further formation of the legal framework in the virtual asset market;
  • determines the list of virtual property service providers and the conditions for their registration;
  • Provides for the introduction of financial monitoring measures in the field of virtual assets.

The National Commission on the Stock Market and the Stock Market is not animated:

  • Form and implement state policy in the field of virtual assets;
  • determine the procedure for the turnover of virtual assets;
  • issue authorizations to VA service providers;
  • carry out regulation, supervision and financial monitoring in this area.

What will changes in practice?

  • Foreign and Ukrainian crypto-exchanges will work legally;
  • Banks will open accounts for crypto companies;
  • Ukrainians will be able to protect their savings in virtual assets;
  • the state will guarantee judicial protection of rights to virtual assets.

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This law is basic (roughly speaking, it determines the status of crypto assets and allows transactions with them). Now the Ministry of Digital Development is actively working on amending the Tax and Civil Codes of Ukraine regarding the specifics of taxation of operations with virtual assets, which are necessary for the full launch of the virtual assets market. Only after their adoption and entry into force will the basic law “On Virtual Assets” come into force.

In September 2021, Daniil Getmantsev, Chairman of the Committee on Finance, Tax and Customs Policy, stated that they planned to do this within a year, but, most likely, in the end, these deadlines would be shifted due to the war.

Crypto for the Ukrainian army

The other day, the Ministry of Digital Development, along with the Everstack blockchain company and the FTX crypto exchange, Ukraine launched the official website to support crypto donations.

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Cryptocurrency is one of the most dynamic sectors of the digital economy. Last year, the total industry capitalization rose to $3 trillion. No other area can boast such a powerful rate of capital growth. In Ukraine, the crypto industry is also actively developing”

Some Popular Cryptocurrency Exchange in the world

Binance- Cryptocurrency exchange

BinanceBinance is a cryptocurrency exchange that is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao.

You can register on Binace for Buy/Sell Bitcoin, Etherium, Filecoin, Etherium Classic, etc. by this link- click here for register on binance

BitMart- Cryptocurrency exchange

BitMart– The crypto exchange “Bitmart” was founded in 2017. Who owns it is unknown. Registration and License Canarian. But this is wrong information. So it shows up in some open sources on the web. Like most crypto exchanges, Bitmart is unregulated. Its reputation is solely based on the quality of services provided. This is a very delicate foundation

BitMart proudly calls itself the leading trading platform for digital assets. But he is in no hurry to prove it with facts in the form of statistics or ratings.

You can register on Bitmart for Buy/Sell Bitcoin, Etherium, Filecoin, Etherium Classic, etc. by this link- click here for register on Bitmart

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