Crypto for payments and investments now in Ukraine! The Ukraine lawmakers finally give green signal that introduce legal terms and definitions pertaining to the Crypto Sphere. The new legislation also aims to transpose the FATF (Financial Action Task Force) standards into national law. Therefore, it identifies who is responsible for the oversight of cryptocurrencies in the country.
Crypto for Payments and Investments in Ukraine
Ukraine’s legislative arm passes the new bill that incorporates international AML(Anti-Money Laundering) best practices into the country’s crypto regulatory framework.
As part of the new legislation, Cryptos are now classified as the property in Ukraine. Thus, virtual currency owners from Ukraine can use their digital holdings now as a medium of exchange for legalized trading, payments, transfers, and investments.
Details of the new law also include a provision for private individuals to act as a crypto custodians and money transmitters. However, such services should strictly follow the compliance with financial monitoring and reporting standards prescribed by the new bill. Ukraine’s Ministry of Digital Transformation is assigned to regulate the circulation of digital assets across the country.
The Ukraine lawmakers prepare the amendments dealing with digital currencies from the multi-partisan parliamentary group “Blockchain4Ukraine”. The necessary helps come from the EU-funded expert and analytical center BRDO (Better Regulation Delivery Office) and industry members. The adoption of the law will open Ukraine’s way for a tranche of 500 million euros as part of financial assistance.
Ukraine’s Plans for Crypto Adoption
Ukraine takes a significant step to boost its local virtual currency commerce by legalizing the crypto payments and investments countrywide. Ukraine’s capital, KIEV, announced earlier this year that it will accept bitcoin for public transport. And, this legalization will not only help private individuals but also corporate entities to offer crypto services nationwide. The current administration in Ukraine after the election is quite positive towards the country’s crypto community. This is the plus point for Ukraine.
According to reports, Ukraine Government is planning to distribute around $18 million among startups to increase technological advancements across the nation. Some of them are from innovative sectors of the economy including the blockchain industry.
What do you think? Does Ukraine has the potential to become Europe’s next crypto-friendly jurisdiction? Share your thoughts!
Meanwhile, check how Iran plans to adopt cryptocurrency here