Ukraine passes legislation to recognize and regulate crypto

Ukraine passes legislation to recognize and regulate crypto


The Ukrainian Parliament has adopted legislation regulating foriegn and domestic cryptocurrency exchanges operating from within the country.

On Sept. 8, the Ukrainian Parliament adopted the draft law “On Virtual Assets,” legally recognizing cryptocurrency in the country for the first time. The legislation is based on the existing standards developed by the intergovernmental policy-making organization, Financial Action Task Force on Money Laundering (FATF).

The Ukraine’s Ministry of Digital Transformation will be tasked with overseeing the implementation of the new virtual asset regulation and guiding the industry’s growth, in adherence with “international standards.

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Anastasia Bratko of the Ministry of Digital Transformation said the law allows companies to launch virtual asset markets in Ukraine and enables banks to “open accounts for crypto companies.

“Ukrainians will also be able to declare their income in virtual assets,” she said, adding that the law “guarantees judicial protection of the rights to virtual asset owners.”

An announcement from the ministry emphasized that “the country will receive additional tax revenues to

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