The Ukrainian parliament had declared that all crypto assets will be treated legally after a new bill passed. The new law was met with approval after 272 votes vote “for”. With it, the usage and distribution of crypto-based products will be made much easier in the Eastern European nation.
Authorities stress that the new bill will allow businesses to operate in what was previously considered a grey area. This opens the doors to many a business and startups, not just domestic but international.
The reform will pave the way for a new regulatory framework for major crypto assets such as Bitcoin. The Law on Virtual Assets currently places the oversight of cryptos under the gaze of the National Commission on Securities and Stock Marke. This is a government agency that supervises the participants in Ukraine’scapital markets.
Yet, even with the new law, the nation does not recognize BTC as a legal tender, unlike other countries that have made it an official currency.
In September of last year, Ukrain started finalizing the last steps to legalizing cryptocurrencies. The nation had been contemplating building a digital ecosystem and becoming an attractive country for crypto and blockchain companies. The passing of the new law is expected to boost these sectors by introducing foreign investments.