Now the circulation of cryptocurrencies in the country is completely legal
Today, February, the Verkhovna Rada adopted in the second reading an amended law on digital assets, which regulates the circulation of cryptocurrency in the country. Now this market will be administered by the Securities Commission (NKTSBFR) and the Central Bank.
In fact, with this bill, Ukraine legalizes cryptocurrencies. Virtual financial service providers will be able to obtain a license in the country, and retail investors will be protected from the risks dictated by regulatory uncertainty.
The main regulator of the sphere is the National Securities Commission. The commission will determine the licensing mechanism, oversee and monitor, and promote new legislative initiatives.
Strictly speaking, it was the issue of regulation that caused the bill to be reconsidered. President Volodymyr Zelensky proposed to attribute the segment of virtual assets to the financial market.
This will avoid the lengthy and costly procedure of creating a new supervisory authority. In fact, the Ministry of Digital Transformation is already developing amendments to the Tax and Civil Code of Ukraine.
However, it should also be noted that this is still a basic bill that determines the status of virtual assets. Thanks to him, crypto companies will be able to work legally in Ukraine, opening bank accounts and providing services openly.
However, fundamental issues such as taxation and licensing are still under development. However, determining the legal status of cryptocurrencies is an important step towards the acceptance and integration of digital assets into the traditional economic system of the country. Earlier, we covered the ranking of countries with the most developed crypto infrastructure. Ukraine ended up in 22 place, which is quite a significant result in the world standings.