Ukraine president Zelensky signed crypto regulation law

Cryptocurrency regulation

Previously, President Volodymyr Zelensky rejected the legislation on the crypto sector and returned it to the Verkhovna Rada with 21 amendments. The Committee on Digital Transformation endorsed all of Zelensky’s ideas and advised deputies to accept the measure in general. For now, the legislation outlines the National Bank of Ukraine, the National Commission on Securities and Stock Market’s obligations in the realm of virtual asset circulation. Furthermore, the report states that Ukraine would establish a state registration of services providers connected to the circulation of cryptocurrency.

What does it mean?

Foreign and Ukrainian cryptocurrency exchange platforms can operate on the government level, according to the Ministry of Finance. Aside from that, banks may create crypto accounts to provide their customers with cryptocurrency services. Furthermore, the legislation also states that the government provides legal protection for virtual asset rights. In turn, the National Commission on Securities and the Stock Exchange will develop and execute a special policy on virtual assets. In addition, the authority establishes the method for the circulation of virtual assets and authorizes cryptocurrency exchanges and trading platforms. This way, the state-level watchdog oversees the financial surveillance of crypto-assets. In general, cryptocurrency assets are now a fully legal component of the Ukrainian economy.

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BIT4YOU.io

BIT4YOU.io

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bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.