Home>News>World>Bitcoin becomes legalized in Ukraine
World

Bitcoin becomes legalized in Ukraine

Crypto

Ukraine has gone through a lot of legal change in recent years, and the cryptocurrency market is the latest to have found itself benefitting from the introduction of new changes to have been made rather recently.

In 2020, the gambling industry was given a major boost within the former Soviet country, however now is the turn of virtual currency as Bitcoin has been established as a legal entity by the country’s parliament after the final reading of a bill that caters to the president’s recommendations.

However, before the excitement about the announcement gets many far too happy, it is incredibly important to note that Bitcoin has not been made a form of legal tender within the country. “The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, who is the Ukrainian minister of digital transformation, announced.

New law is introduced

Indeed, the new Law of Ukraine on Virtual Assets – which was passed by more than 270 votes – indicates the requirements that Bitcoin service provides including exchanges need to abide by whilst also detailing the fines that can be carried out if the law’s provisions are violated. Furthermore, the law also revealed that the country’s National Securities Commission would regulate the cryptocurrency market, as they will be tasked with issuing permits and carrying out supervisory roles including the monitoring of the market.

There had been a similar cryptocurrency bill that had been implemented in September 2021, although President Volodymyr Zelensky had decided to end it the following month after arguing that Ukraine could not afford to create a new regulatory body that was specifically designed to regulate virtual currency. However, he returned the bill to parliament with his suggestion to let existing regulators to oversee it, which has allowed the amended bill to be passed.

Cryptocurrency is already popular in the Ukraine

Despite the potential disappointment regarding the issue in which Bitcoin will not be considered legal tender at the moment, there will be many Ukrainians that will be rather happy at the introduction of the new regulatory laws. Cryptocurrency adoption has been rather high within the country and more and more people have turned to hold virtual currency for a variety of reasons.

Before the passing of gambling laws, many will have been playing crypto slots and table games whilst using bitcoin casino sites as they would have found that they would have been able to enjoy a gaming session rather easily via this method.

Indeed, it would not be a surprise if crypto gambling was to continue to remain rather popular for Ukrainians, too, as they are able to enjoy a number of different benefits that they simply can not get when they use fiat finance. One instance where punters could benefit would be where they are able to choose who they are to use when placing a wager, as this means they will have a better choice than what is potentially on offer to them due to the regulations implemented following the 2285-D bill.

Plenty of interest & possible benefits

The move to legislate Bitcoin within Ukraine will have attracted plenty of interest and reaction, with some suggesting that it will help to favor entrepreneurship and invite capital into the country.

According to Serhiy Tron, who is the founder of White Rock Management and the Parea Foundation international fund: “The Law on Virtual Assets is largely a framework law and requires further substantial refinements, for instance, changes to the tax code.”

He also added: “By creating a high-tech, innovative cryptocurrency market that plays by clear rules, the country expects the speedy arrival of crypto investors from all over the world,” before continuing: “Adopting the Law on Virtual Assets clearly signals to the global community that cryptocurrency is legalized in Ukraine. The opportunity to legally develop business in Ukraine will attract crypto-investors from all over the globe to our country.”

Journal Online
A collection of noteworthy information on various topics from the Philippines and the rest of the world.
https://journal.com.ph