Ukraine to recognize crypto as an asset with value
The Ukrainian parliament has published an updated version of the draft law “On Virtual Assets.” According to the updated version of the draft law, cryptocurrencies would be recognized as tangible goods with value.The parliament is planning to regulate the cryptocurrency space this summer and has already put in place various drafts to enable it to do so. According to the documents released by the parliament, a virtual asset is an intangible good that has value. The virtual assets are also objects of civil circulation, the document added. The publication added that “Virtual assets or crypto assets can certify property or non-property rights including rights to claim other objects of civil rights.”
Ukraine to roll out proper regulation for crypto exchanges
The Ukrainian parliament will provide crucial regulations for cryptocurrency exchanges operating in the country. Crypto exchanges will be required to register and get authorized by the Ministry of Digital Transformation before they can operate in Ukraine.Furthermore, cryptocurrency services providers will have to reveal their ownership structure and monitor financial transactions to ensure money laundering and other illegal activities don’t take place via their platforms. The permits issued to crypto exchanges will be valid for a year, and exchanges will have to renew them again to continue operations. The legislation would ban Russian companies from conducting crypto business in Ukraine.
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