Cryptocurrencies are fast gaining adoption, and more countries are legalizing them.
Ukraine legalizes cryptocurrencies
Ukraine has become the latest country to focus its attention on the cryptocurrency space and adopt legislation for them. The Ukrainian parliament adopted the draft law “On Virtual Assets” yesterday, a move that basically recognizes cryptocurrencies in the country.
The legislation is built on the existing standards developed by the Financial Action Task Force on Money Laundering (FATF), the intergovernmental policy-making organization designed to handle the regulation of digital assets.
Per the legislation, the Ministry of Digital Transformation will be in charge of handling the implementation of the new virtual asset regulation. The ministry will also guide the growth of the cryptocurrency industry in line with international standards.
The ministry added that “The adopted norms establish rules for service providers related to the circulation of virtual assets and contribute to the market’s de-shadowing.”
Ukrainian companies will be allowed to launch virtual assets
Anastasia Bratko of the Ministry of Digital Transformation revealed that the adoption of the law would allow companies operating in the country to launch virtual asset markets and also enable banks to provide services to cryptocurrency companies.
She added that “Ukrainians will also be able to declare their income in virtual assets. The law “guarantees judicial protection of the rights to virtual asset owners.”
Cryptocurrencies are gaining widespread adoption, and more governments around the world are starting to recognize them as currencies or as an asset class.