Virtual Asset Trading & Spending Legalized In Ukraine

As per the announcement of the Ukrainian Digital Ministry, the Ukrainians would be able to buy, sell, exchange, hold virtual assets or even establish crypto business or render crypto-related services as such activities have been duly legalized in Ukraine, subject to the passing of the proposed legislation. The proposed law also takes care of various crypto-related aspects and aims at collecting taxes, issuing licenses, and proposes to create a conducive environment for digital transformation.

Ukrainian lawmakers have proposed a crypto-related law and there are very high chances of it being passed by majority votes.

The proposed law aims at allowing Ukrainians to own and possess virtual assets and currencies without any fear. In fact, the law would enable crypto owners to earn multifarious benefits because the law is backed by the Government and opposition. In addition, the investor protection program has been incorporated into the law. Meanwhile, the investors would be free to trade and exchange virtual assets with any local or foreign crypto firm. Similarly, if the owners of crypto will make a disclosure of their crypto holdings, they will be compensated in taxes.

The law further aims to legalize crypto usage and adoption within the country for everyone.

The announcement of the law was made by the country’s Minister for Digital Transformation who revealed this fact during an interview.

The Minister said that equal opportunities for business will be provided to everyone interested in virtual assets. For instance, if any Ukrainian wishes to acquire virtual assets or sell them, there wouldn’t be any embargo upon that person. Similarly, if a person or an entity wants to render crypto trading services, the Governmental authorities would facilitate the person or the entity for the rendering of such services. In addition, if anybody is willing to provide crypto storage or management services, the required infrastructure will be provided to interested parties.

However, what the draft lacks is that still virtual assets are not regarded as means of payment. Instead, it has been suggested in the draft that the usage of crypto will be legalized. This means that no Ukrainian vendor will be authorized to accept crypto as payment. In any case, the Ministry was of the view that crypto payment mechanisms can be legalized in the future as well. But for the time being, the good thing is that the usage of crypto has been legalized. Once the project will able to show desired results, then the virtual industry will be extended further.

The bill has been under consideration since December 2020. When it was presented in the first place, the majority of parliamentarians voted in favor of the law. Even public comments on the law have been sought. As per the Ministry’s statement, it can be assumed that very soon the law will be turned into reality.

Author: Jerry Dedmon

Jerry Dedmon is a new writer on Cryptocoin Stock Exchange, his articles are cryptocurrency news, analysis and blockchain news based. We recommend tuning in for Jerry's daily posts as they are always a great and interesting read.

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