Legalized cryptocurrency in Ukraine

A draft law legalizing and regulating cryptocurrency and other virtual assets like tokens in Ukraine has passed the parliament in the second reading on Sept. 8. - A total of 276 Ukrainian lawmakers voted for the bill.

Cryptocurrencies have been neither legal nor forbidden in Ukraine because there were no laws that defined them. Ukrainians could buy and exchange virtual currencies, but local courts couldn’t protect them if something went wrong.

If signed by President Volodymyr Zelensky, the law will protect the owners of virtual assets and exchange platforms from fraud. It will also determine how Ukraine will regulate the cryptocurrency market in the future.

Recognizing cryptocurrency is vital for the booming industry, experts said. “It will reduce stereotypical attitudes towards cryptocurrencies and will help them to become normal financial instruments,” according to Oleg Kurchenko, CEO of virtual asset exchange platform Binaryx.

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