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Ukraine Legalizes Bitcoin and Other Cryptocurrencies

The new law legalizing and regulating cryptocurrency and virtual assets such as tokens has been adopted by the Ukrainian parliament.

The bill passed almost unanimously on Wednesday. President Volodymyr Zilensky will need to sign it.

After El Salvador’s decision to legalize Bitcoin, Ukraine became the fifth country to establish ground rules for digital currencies.

What is the change in the bill?

However, Ukraine is not as advanced as El Salvador which accepts Bitcoin alongside US dollars.

The Ukrainian draft bill states that the law will regulate “legal relationships arising in connection to the turnover of virtual asset in Ukraine”, and defines the rights, obligations, and principles of state policy in relation to virtual assets.

Simply put, the law will protect virtual asset owners and exchange platform operators from fraud.

The legality and prohibition of cryptocurrencies in Ukraine has been a gray area for a long time. They are neither legal nor prohibited by the absence of laws that define them or their use.

Simply put, the law will protect virtual asset owners and exchange platform operators from fraud.

The legality and prohibition of cryptocurrencies in Ukraine has been a gray area for a long time. They are neither legal nor prohibited by the absence of laws that define them or their use.

A growing number of governments are trying to regulate cryptocurrency. Other than El Salvador and Ukraine, Cuba and Germany are also making progress.

Panama is currently considering a draft law to regulate cryptos.