Ukraine President signs law legalizing and regulating crypto assets
Ukraine’s President signed a law legalizing and regulating crypto assets. The new law defines crypto assets as digital units that can be used as a means of exchange, and establishes a range of regulations for their use.
It also creates a licensing regime for crypto asset exchanges and other crypto asset businesses. The law is seen as a major step forward in Ukraine’s efforts to develop a regulated crypto asset sector.
It is hoped that the new law will help to attract investment and promote innovation in the crypto asset space. It also provides a framework for the orderly and safe operation of the crypto asset sector in Ukraine.
Current status of crypto assets in Ukraine
The current status of crypto assets in Ukraine is that they are legal and regulated. The law defines crypto assets as digital assets that are used as a means of exchange, store of value, or a unit of account, and allows for their use in transactions and other activities.
The law establishes a regulatory framework for crypto assets, including registration and licensing requirements for crypto asset exchanges and custodians, requirements for anti-money laundering and combating the financing of terrorism (AML/CFT), and other provisions.
How will the law affect the crypto asset market in Ukraine?
The law will legalize and regulate crypto assets in Ukraine. This will provide a clear legal framework for businesses operating in the crypto asset market and will help to protect consumers. The law will also help to develop the crypto asset market in Ukraine and will encourage innovation in this area.
Deputy Minister of Digital Transformation Alex Bornyakov tweeted that the new crypto law will play a “vital role in Ukraine’s defence process”.
Summary
Ukrainian President Volodymyr Zelensky signed a law on legalizing and regulating crypto assets. The law would allow Ukrainians to buy, sell, and use cryptocurrencies. It also would help develop the market for cryptocurrency exchanges.
In Ukraine, a new bill has been adopted in the parliament that would legalize digital assets and make them a regular part of the economy.
