{"id":336740,"date":"2021-09-09T08:44:42","date_gmt":"2021-09-09T05:44:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ukraine-passes-legislation-to-recognize-and-regulate-crypto\/"},"modified":"2021-09-09T08:44:42","modified_gmt":"2021-09-09T05:44:42","slug":"ukraine-passes-legislation-to-recognize-and-regulate-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ukraine-passes-legislation-to-recognize-and-regulate-crypto\/","title":{"rendered":"# Ukraine passes legislation to recognize and regulate crypto"},"content":{"rendered":"

“# Ukraine passes legislation to recognize and regulate crypto <\/strong>”
\n<\/p>\n

The Ukrainian Parliament has adopted legislation regulating foriegn and domestic cryptocurrency exchanges operating from within the country.<\/p>\n

On Sept. 8, the Ukrainian Parliament adopted the draft law \u201cOn Virtual Assets,\u201d legally recognizing cryptocurrency in the country for the first time. The legislation is based on the existing standards developed by the intergovernmental policy-making organization, Financial Action Task Force on Money Laundering (FATF).<\/p>\n

The Ukraine\u2019s Ministry of Digital Transformation will be tasked with overseeing the implementation of the new virtual asset regulation and guiding the industry\u2019s growth, in adherence with \u201cinternational standards.<\/p>\n

Anastasia Bratko of the Ministry of Digital Transformation said the law allows companies to launch virtual asset markets in Ukraine and enables banks to \u201copen accounts for crypto companies.<\/p>\n

\u201cUkrainians will also be able to declare their income in virtual assets,\u201d she said, adding that the law \u201cguarantees judicial protection of the rights to virtual asset owners.\u201d <\/p>\n

An announcement from the ministry emphasized that \u201cthe country will receive additional tax revenues to the budget, which will be paid by crypto companies,\u201d adding:<\/p>\n

\u201cThe adopted norms establish rules for service providers related to the circulation of virtual assets and contribute to the market\u2019s de-shadowing.\u201d<\/p><\/blockquote>\n

Virtual asset service providers (VASPs) \u201cmust have an impeccable business reputation\u201d and will be required to disclose their ownership structure to identify their ultimate beneficial owners. Internal anti-money launder measures must also be maintained by VASPs.<\/p>\n

Deputy Minister of Digital Transformation of Ukraine, Oleksander Bornyakov, highlighted provisions contained in the legislation to attract \u201cforeign exchange to the Ukrainian market,\u201d adding:<\/p>\n

\u201cIt will become a powerful incentive for the further development of the crypto-sphere in Ukraine. Banks will open accounts for them and conduct transactions with a new class of assets. I am sure that society, business and the state will benefit from the legalization of the new sector of the economy.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>Ukrainian ministry considering digital currency pilot for staff salaries<\/em><\/strong><\/p>\n

Last month, Mikhail Fedorov, Ukraine\u2019s Deputy Prime Minister and the head of the country\u2019s Ministry of Digital Transformation, revealed that his ministry was exploring using a central bank digital currency (CBDC) to make salary payments in an early pilot of the technology<\/a>.<\/p>\n

Ukrainian President Volodymyr Zelenskyy signed a law enabling the country\u2019s central bank to issue a CBDC in July.<\/p>\n