Ukraine is the 5th nation in as many weeks to lay down some regulations for the crypto market, an indication that governments worldwide are grasping that bitcoin is here to stay.
In an almost concordant vote, the Parliament of Ukraine accepted a law that regulates and legalizes crypto. The bill was set in motion in 2020 – and it now proceeds to the desk of President Volodymyr Zelensky.
Crypto in Ukraine has remained in a legal gray area until today. Netizens were allowed to exchange and buy digital currencies but exchanges and firms dealing in crypto were usually under observation by law enforcement.
The new ground rules also explain specific securities against fraud for bitcoin owners and other cryptos and in a first for the Verkhovna Rada, lawmakers have tried defining core terminology in the world of crypto. Upon approval by the President, digital wallets, virtual assets and private keys are terminologies that will be laid out in Ukrainian law.
Different from El Salvador’s stance this week to accept bitcoin as legal tender, Ukraine’s crypto regulation doesn’t support the rollout of bitcoin as a form of payment, nor does it put it on an equal status with the country’s national currency hryvnia.