Ukraine adopts legislation to officially recognize and regulate digital assets

The Ukrainian parliament has passed a law to regulate crypto exchange operations in the country. The new law will affect domestic and foreign crypto exchanges with a user base in the country.

The adoption of this law marks a turning point because the head of the country recognizes the cryptocurrency. Legislation in parliament builds on existing rules created by the Financial Action Task Force on Money Laundering (FATF), an intergovernmental policy-making organization.

Anastasia Bratko, of Ukraine’s Ministry of Digital Transformation, said the law would allow companies interested in launching crypto markets in the country, and also allow banks to open accounts for crypto companies. She also added that residents will be allowed to report their income in virtual assets.

The ministry also announced that crypto companies will contribute additional tax revenue to the country’s budget. Additionally, the ministry hopes the new law will help keep crypto flowing. According to an ad:

“The adopted standards establish rules for service providers related to the movement of virtual assets and contribute to market obscuration.

Besides the laws supporting crypto, Ukraine is also moving forward with its central bank digital currency (CBDC). Last month, Deputy Prime Minister Mykhailo Fedorov said the country was considering a first pilot project of its CBDC, involving the payment of salaries.

Image credits: Pixabay

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