The Cryptocurrency Law, vetoed by the President of Ukraine in October, has now passed parliamentary vote. As a result, the Ukrainian parliament passed a bill giving legal status to Bitcoin and altcoins. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together…
Bitcoin and altcoin law, which was vetoed in October, has now passed the parliament!
The Ukrainian parliament has passed a bill that gives legal status to Bitcoin and other cryptocurrencies. Ukraine has become the latest country to adopt a legal framework for crypto assets. The Ukrainian parliament voted on Thursday in favor of the “Virtual Assets Law,” which gives legal status to all cryptocurrencies and virtual assets. The bill received 300 votes in favor and only two against.
The bill establishes a basic regulatory framework for all virtual assets in Ukraine. Cryptocurrencies such as Bitcoin and Ethereum are included under the term “virtual asset,” defined as any asset that cannot currently be legally used as a means of payment or traded for other assets, products, or services.
What does the new crypto money bill contain?
In addition to laying the legal groundwork for incorporating crypto assets into Ukraine’s financial and regulatory systems, the bill also affirms the rights of citizens to hold and use cryptocurrencies and defines the rights and duties of all cryptocurrency market participants. The same Virtual Assets Law was previously approved by Ukraine’s parliament in October, but was vetoed by the country’s President Volodymyr Zelensky.
The bill has since been amended to ensure that it includes the legal mechanisms necessary for its implementation and meets constitutional requirements. According to Mikhail Fedorov, head of Ukraine’s Ministry of Digital Development, the new bill will allow Ukraine to launch a legal market for virtual assets. The bill requires the National Securities Commission of Ukraine to act as the main regulator for virtual assets and any future virtual asset market.
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