Haider Jamal

Feb 18, 2022

Bitcoin (BTC) Is Officially Legal In Ukraine

Bitcoin (BTC) is officially legal in Ukraine after the countrys parliament adopted a bill in final reading that complies with the Presidents guidelines. The nation, however, has not declared BTC legal tender as of yet.

This new law provides an extra chance for the countrys commercial development, and both foreign as well as Ukrainian crypto enterprises shall be allowed to operate lawfully. Moreover, Ukrainians will have simple and safe access to the worldwide market for digital assets, according to Ukraines Minister of Digital Transformation, Mykhaylo Fedorov.

With over 270 votes, the Ukrainian parliament enacted the new Law on Virtual Assets earlier this week. The bill specifies the rules that Bitcoin service providers, such as exchanges, must follow and establishes sanctions for infractions of the laws terms, in addition to establishing that the cryptocurrency market be regulated by Ukraines National Securities Commission.

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