Ukraine recognizes crypto as legal assets: Crypto adoption
The parliament of Ukraine passed the new law on Crypto to allow the circulation of the crypto industry in Ukraine under compliance.
Ukraine is a Crypto and blockchain-friendly country and right now Ukraine is standing at 4th rank in terms of highest crypto adoption in the world, which has $8 billion worth of crypto assets turn over per year. Now lawmakers of Ukraine are moving toward a better regulatory approach to push the adoption of crypto to bring better innovations to the country.
On 17 February, The parliament of Ukraine passed the new crypto regulation bill with more than 278+ votes in favor of this bill.
Under the passed bill, all the crypto companies will be able to offer their crypto services under compliance. If any company fails to comply with the rules and regulations of this bill then surely that company will go through penalties and charges for violating the rules and regulations.
Bill also noted that new laws will be applicable under the existing control of the Ukraine regulatory body National Securities Commission.
The Securities Commission will still own the power to allow or restrict the services of crypto companies in the country. And also will have authority to monitor the operations and activities in the market.
Reportedly, this bill or similar to this bill was introduced in September of last year, but President Volodymyr Zelensky stated that the country is not ready to create a separate regulatory body for this industry, so the proposed bill was moved to the next few months.
President also shifted the bill to the other legislation departments to overlook and inspect all elements of this bill. So in this way, parliament players ensured that the bill is ok to bring a better favorable regulation on the crypto industry.
Experts noted that this bill brings a better push to this industry and also will provide protection to the investors but we always need to keep the statement of the Central Bank of Ukraine that crypto assets are a monetary surrogate, which has no real value, so it will not go through the use case of legal tender like fiat currency.
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