Ukraine Parliament Passes Measure to Regulate Cryptocurrencies

The bill needs to be signed by the country’s president to take effect.

By Tanzeel Akhtar

Sep 9, 2021 at 4:40 p.m. UTC

Updated Dec 6, 2022 at 8:22 p.m. UTC

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Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter

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The Ukrainian Parliament passed a measure on Wednesday that would legalize and regulate all virtual assets, including cryptocurrencies.

The Ukraine bill was introduced in the parliament, the Verkhovna Rada, in December. It now needs to be signed by the country’s president.
Last month, Ukraine’s law-enforcement authority and main government security agency, Security Service of Ukraine, blocked a network of what it called “clandestine cryptocurrency exchanges” running in the capital city of Kyiv.
Passage of the bill adds to signs of growing adoption of cryptocurrencies around the world, Ulrik Lykke, executive director at the $50 million digital-asset investment firm ARK36, told CoinDesk in a Zoom interview on Thursday. For instance, the bill’s passage came one day after El Salvador’s Bitcoin Law went into effect, making the crypto legal tender.
Since earlier this year, Ukrainian legislators have been working together on a package of laws that would write crypto into the country’s legal system, open the banks for crypto startups and offer a simple procedure for tax reporting.

UPDATE (Sept. 9, 17:23 UTC): Updated with details in the fourth bullet point.

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Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter

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Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter