Cryptocurrencies Are Now Legal in Ukraine. The Verkhovna Rada Adopts the Bill No.3637
At the plenary session of the Verkhovna Rada of Ukraine on September 8, a draft law on virtual assets was adopted. In the second reading, 276 MPs voted in favor of the document. Now it must be signed by the President Volodymyr Zelenskyi.
The law stipulates the regulation of legal relations on the Ukrainian crypto market, defines the rights and obligations of its participants and establishes the principles of state policy in this area.
In the legal field, the concept of ‘virtual asset’ is now defined. According to the document, this is “an intangible good, which is an object of civil rights, has a value and is expressed by a set of data in the electronic form”.
According to the Head of the Ministry of Digital Transformation Mykhailo Fedorov, Ukraine is on the list of the global leaders in the use of virtual assets, and the daily crypto turnover in the country is 1 billion UAH. The adoption of the law will help to bring these funds out of the shadows.
The minister noted that the relationships between the crypto companies and the state will now be transparent. Favorable tax conditions and comfortable work with the regulator will allow companies to register in Ukraine, and not in the foreign countries. Thus, entrepreneurs will feel protected, and the budget will receive additional income.
At the same time, cryptocurrencies will not become a means of payment, but they can be legally owned, exchanged, traded, and the like.
However, the adoption of the bill does not launch a full-fledged market for virtual assets. This will become possible after the adoption of amendments to the Tax Code of Ukraine. The works on the bill are underway now. It will regulate the issues of taxation of the Ukrainian crypto market players.
Want to know more about the prospects of market development after the adoption of the law “On Virtual Assets”? Join Blockchain & Bitcoin Conference Kyiv 2021 on November 9.
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