Another major development today was the legalization of cryptocurrency in Ukraine, despite the ongoing conflict. Mykhailo Fedorov, Ukraine’s Vice Prime Minister, said today that the Ukrainian parliament had passed a bill on virtual assets. The new regulation will protect crypto investors’ funds from potential fraud and abuse.
Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.
— Mykhailo Fedorov (@FedorovMykhailo) February 17, 2022
Ukraine Passes a Law Making Cryptocurrency Legal
Earlier today, the Ukrainian parliament passed a bill regulating cryptocurrencies after debating the country’s large-scale adoption. The Ukrainian parliament passed a measure to regulate cryptocurrency in September 2021, but the necessary laws and tax codes are still pending.
This news comes just days after the Russian government made cryptocurrency a legal tender. Both Ukraine and Russia are attempting to impose their dominance over cryptocurrency adoption. According to Coingape, Russians own more than $200 billion in cryptocurrency, and the Russian government could receive $13 billion in crypto taxes each year.
Ukraine isn’t far behind, with Chainalysis ranking the country fourth in the worldwide crypto adoption index. The annual volume of cryptocurrency transactions in Ukraine is expected to be approximately $8 billion.
