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Ukraine is the latest country to legalise cryptocurrencies

By Angela Barnes

13:59, 9 September 2021

Roofs and streets of the old city of Lviv
Ukraine has become the latest country to embrace cryptocurrencies Source - Shutterstock.

Ukraine’s parliament has passed a bill to legalise and regulate cryptocurrency and other virtual assets, making it the latest country to embrace the alternative form of payment.

A total of 276 Ukrainian lawmakers voted for the bill that now needs to be signed into law by the country’s president, Volodymyr Zelensky.

According to the document, the law will regulate “legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of virtual assets”.

The legislation also protects owners of virtual assets and exchange platforms from any fraud.

Cryptocurrency market

Ukraine plans to open the cryptocurrency market for businesses and investors by 2022, a spokesperson from the Ministry of Digital Transformation told the Kyiv Post.

Before then, the Ukranian parliament must first pass a set of laws and amend the Tax Code and the Civil Code, the report added.

SOL/USD

195.42 Price
+2.770% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

XRP/USD

0.56 Price
+1.630% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ETH/USD

2,867.45 Price
+6.590% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

BTC/USD

76,359.65 Price
+0.520% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Governments accepting crypto

Ukraine’s adoption of cryptocurrencies comes as a growing number of governments have also taken steps to legalise and regulate virtual currencies.

El Salvador, Cuba and Germany have made strides to adopt the payment method – while Panama also unveiled a draft cryptocurrency law this week.

“Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets and the internet,” Congressman Gabriel Silva announced via his Twitter account. “This has the potential to create thousands of jobs, attract investment and make the government transparent.”

 

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Read more: PE-backed CoinSwitch Kuber gets 10 million users to become largest in India

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