Kyiv, Europe Brief News – After months of consideration and presidential veto, the ‘Virtual assets” is in the final phases to turn into cryptocurrency law in Ukraine.
As per various reports, the Ukraine Government has approved the amended bill on cryptocurrencies. The Government made this decision to bring big crypto investments in the country.
The New bill contains all the changes proposed by the Ukrainian president Zelensky. He sent it back to the parliament in October.
The new law will enable Ukraine citizens to report income they made from the digital assets.
The Ministry of Digital Transformation said “ Ukranian parliament, in accordance with the president’s proposals, adopted the law “ on virtual assets”. This means that ukranaians will be able to declare their income in virtual assets, bank will open accounts for crypto companies and ukrainian crypto exchanges will work legally”.
Mykhalio Federov, Ukraine’s Vice Prime Minister said “ Ukraine is already in the Top5 countries on cryptocurrency usage, Today we made one more step forward as parliament adopted the law on virtual assets”
He further added that this will help legalise crypto exchangers and cryptocurrencies. This way Ukranians will be able to secure their assets from possible abuse or fraud”.
Presidential Veto on Cryptocurrency:
The crypto bill has been in the process for a long time. The country’s parliament gave a go ahead on a similar bill in October to become the giants in the crypto market.
However, the bill did not proceed as president Zelensky asked parliament to approve the amended bill.
The new regulator will be supervising not only virtual assets but the ministry of digital information, the national securities commission and the central bank.
But Zelensky rejected that bill only because he believed that there was no money in the budget to own a separate agency so he sent it back to the parliament.
The parliament then approved the zelensky bill with few changes and it is now all set to become a law in Ukraine.
Tensions In Ukraine
Tension between Russia and Ukraine is intensifying with each passing day as the US suggested that Russia may invade Ukraine soon.
Currently Ukrainian officials are under the radar for a massive hacking complaint whereas the US suggested that Russia could be potentially behind the attacks.
Despite what is going on between the two neighbours, Russia and Ukraine are among the most crypto-aware countries globally.
