President of Ukraine Volodymyr Zelensky signed the law “On virtual assets”, which will regulate the circulation of cryptocurrencies in the country. The law will legalize cryptocurrency exchanges and digital currencies in the country. In addition, it will give Ukrainians the opportunity to protect their digital assets from possible abuse and fraud.
Vladimir Zelensky signed the law “On virtual assets”, which was adopted by the Verkhovna Rada February, according to the website of the Ministry and the Committee digital transformation of Ukraine.
2022Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine. pic.twitter.com/lqqO1J9r1k
— Ministry of Digital Transformation of Ukraine (@mintsyfra) March , 2022
2022
Market regulation is shared between the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSM). The National Bank is responsible for virtual assets secured by currency values. The regulation of the circulation of cryptocurrencies and virtual assets secured by securities or a derivative financial instrument will be handled by the National Securities and Stock Market Commission. determine the procedure for the turnover of virtual assets, issue permits to virtual asset service providers and exercise supervision and financial monitoring in this area.
The document says that foreign and Ukrainian cryptocurrency exchanges will now work legally, banks will be able to open accounts for cryptocurrency companies, citizens will be able to protect their savings in virtual assets, and the state will guarantee judicial protection of rights to virtual assets. The Law “On Virtual Assets” will come into force after the adoption of amendments to the Tax Code of Ukraine. The document will prescribe the features of the taxation of cryptocurrencies.
Ukraine is the world leader in terms of the percentage of the population owning cryptocurrencies. As of February 2022, 6 million people in the country own cryptocurrencies, which is almost % of the population.
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