Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market

Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market


The parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine. The law “On Virtual Assets” recognizes cryptocurrencies as intangible goods while denying them the status of legal tender. It also regulates the activities and obligations of crypto businesses.

Ukraine Legalizes Crypto Activities, Defines Virtual Assets

Ukraine’s Verkhovna Rada, the country’s parliament, has adopted the law “On Virtual Assets” on second and final reading. The legislation regulates operations with cryptocurrencies in the Ukrainian jurisdiction. Deputies passed the bill with a large majority of 276 votes out of 376 present MPs, with only six voting against the motion.

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The long-awaited law will enter into force after lawmakers approve amendments to the country’s tax code pertaining to the taxation of cryptocurrency transactions. The Ukrainian legislature is yet to vote on these changes, Forklog noted in its report on the development.

Provisions of the new law recognize virtual assets as intangible goods, which can be secured

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