Ukraine adopted a regulatory framework for cryptocurrency

The Ukrainian parliament adopted a law on cryptocurrency and digital assets regulation in the country. After one year of public review and drafting, the new law is introducing a regulatory framework for legal operation of crypto exchanges, custody services, and personal use of cryptocurrencies. It will address the consumer protection rights, and later be amended with the following tax rules.

The operators of digital assets would need to be licensed with the central financial institution. In a statement for the Kyiv Post, Mykhailo Fedorov, Ukraine’s Minister of Digital Transformation. stated that: ‘Cryptocurrency is hugely popular among Ukrainians — the daily turnover of virtual assets in the country accounts for $37,000’. The ‘2021 Global Crypto Adoption Index’ created by the industry security giant Chainalysis also placed Ukraine on a high, fourth place in cryptocurrency adoption

The Ukrainian government hopes to open the cryptocurrency market for businesses and investors by 2022. By the words of Ukrainian president Zellinsky Ukraine is budding a “legal innovative market for virtual assets”