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Ukrainian Parliament passed the Law on Crypto


Before we get to that, do you know that:

Ukraine ranks #1 in crypto ownership by the population percentage and #9 by the number of crypto owners.

Ukrainians are very open to cryptocurrency. Ukrainian crypto exchange Kuna reports that small businesses might be turning around up to $5 million worth of crypto every week, while retail crypto trades total an estimated $800 thousand daily.

Source: https://triple-a.io/crypto-ownership/.




Law "On Virtual Assets" approved by the Ukrainian Parliament supports the President of Ukraine amendments.

English transcription from https://thedigital.gov.ua/news/parlament-ukhvaliv-zakon-pro-virtualni-aktivi-zgidno-z-propozitsiyami-prezidenta


"Two hundred seventy-two deputies (60% from 450) voted to approve the Law. The Law will launch a legal market for virtual assets in Ukraine. According to the changes, the National Security Commission will regulate the virtual assets market.

  • "The new Law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets. Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. There will be a transparent mechanism for investing in a new asset class, "said Deputy Prime Minister - Minister of Digital Transformation Mikhail Fedorov."



"The National Securities Commission will:

  • formulate and implement a policy in the field of virtual assets;

  • determine the order of circulation of virtual assets;

  • issue permits to virtual asset service providers;

  • carry out supervision and financial monitoring in this area.

The Ministry of Finance team developed the legal field in this area. Together with industry representatives, they drafted the Law on Virtual Assets.

Currently, the Ministry of Finance is also working on appropriate amendments to the Tax and Civil Codes of Ukraine to launch the market for virtual assets fully."


 

Ukraine is among the TOP-5 countries globally by the use of cryptocurrency.

The Minister statement was possibly based on https://en.thepage.ua/news/top-20-countries-in-the-world-in-terms-of-cryptocurrency-turnover-ukraine-is-in-the-top-5.


"We have a well-developed society of blockchain developers. The number of Ukrainian crypto startups is growing.

  • "Today, the potential of the global crypto industry is determined by billions of investments. Its growth rate is ahead of traditional sectors of the economy. In Ukraine, the virtual asset market can become a robust digital economy sector. Thanks to the adopted Law, we have every chance to be a leading country for business development in this innovative field, "said Deputy Minister of Digital Transformation for IT Development Alexander Bornyakov."

Source: Ministry and Committee of Digital Transformation of Ukraine

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