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Ukraine Parliament makes cryptocurrencies and BTC legal
Ukraine has been quite popular in recent days when it comes to cryptocurrencies and is also the 5th biggest nation in terms of crypto users. As per a recent report, the Verkhovna Rada, the unicameral legislature of the nation with 450 people's deputies, has officially declared cryptocurrencies and Bitcoin legal in the nation.
Ukraine walks alongside El Salvador
While the first country in the entire world to do so was El Salvador, it seems that Ukraine is following a similar path. The Parliament supported the amendments presented by the President of Ukraine to the Law On Virtual Assets. It is to be noted that around 272 MPs voted in the favor of the President.Moreover, as per the legislation presented by the President, the National Commission on Securities and Stock Market will be responsible for the entire crypto space regulation in the country.
Deputy Prime Minister - Minister of Digital Transformation Mykhailo Fedorov commented on the situation and said that “the new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global market for virtual assets.” He further added:
“Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. There will appear a transparent mechanism for investing in a new asset class.”
Responsibilities of National Commission on Securities and Stock Market
The National Commission on Securities and Stock Market has been given the following responsibilities:- shaping and implementing a policy in the crypto space
- determining the order of circulation of cryptocurrencies
- Licensing crypto service providers
- carrying out supervision and financial monitoring in the crypto sector
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