Bitcoin has made yet another remarkable milestone as it has become officially recognized in Ukraine. The Ukrainian legislators on Thursday voted for the legalization of Bitcoin in the country.
Bitcoin Transactions Now Within the Law in Ukraine
Legalizing Bitcoin in Ukraine means that crypto exchangers and cryptocurrencies can operate within the law. Ukrainians can rightfully store their assets in cryptocurrencies. Commenting on the legislature, Ukraine’s Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov said that citizens can now protect their assets from possible abuse or fraud through cryptocurrency.
Mykhailo added that legalizing Bitcoin in Ukraine provides an opportunity for business development. He said that foreign and Ukrainian companies would operate legally and have convenient and secure access to the global market for virtual assets.
The Verkhovna Rada, the Ukraine parliament, passed the Bitcoin bill at the second attempt in five months. The bill only needed 226 votes to pass but garnered more than 270 votes.
Last October, another Bitcoin bill called for a new independent regulatory body to oversee cryptocurrency exchanges. However, President Volodymyr Zelensky vetoed it because a new agency was not in Ukraine’s budget.
Under the new Ukraine Bitcoin law, virtual assets will be under the oversight of the National Commission on Securities and Stock Market. It is worth noting that the legalization of Bitcoin in Ukraine does not mean that the country recognizes it as legal tender. It is only reassurance to businesses that cryptocurrencies no longer operate in what was previously a legal grey area.
Impending War with Russia May Have Influenced Ukraine’s Bitcoin Law
Ukraine’s Bitcoin law comes amidst growing tension between the country and Russia. Russia is looking to regulate cryptocurrencies. Over the last few months, Ukrainians have used Bitcoin to raise donations to volunteer groups.
Activists have used crypto donations for military equipment, medical supplies, and drones. Ukraine must have seen the benefit of the leading cryptocurrency by market capitalization to decide to legalize it.
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