According to local news media, Ukraine has passed a bill making cryptocurrency and other digital assets legal in the country.
Ukraine now has the legal authority to regulate digital currency thanks to Bill No. 3637 on Virtual Assets.
According to the bill draft, “this Law regulates legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of virtual asset market participants, and the principles of state policy in the field of virtual assets.”
Despite the victory for cryptocurrency, it is still not possible to use it to purchase goods and services.
However, it allows blockchain companies to legalize individual business processes and work directly with the current banking system.
Citizens will be able to own and trade bitcoin and other cryptocurrencies on exchanges under the terms of this bill. The legislation also clarifies the concept of wallets and private keys.
It is important to note that while bitcoin is now legal in Ukraine, it is not legal tender. In order for that to happen in the future, another bill will be needed.
Ukraine is the fifth country in as many weeks to establish some ground rules for the cryptocurrency market, indicating that governments all over the world have realized that bitcoin is here to stay.
The country intends to open its cryptocurrency market to businesses and investors by 2022.