Amid ongoing war situations, the Government of Ukraine has passed a law that legalized Bitcoin and other cryptocurrencies. Ukraine Adopts Crypto Law On Thursday, the Ukrainian parliament voted in favor of a Virtual Assets Bill that grants legal status to all cryptocurrencies. The bill received 300 votes in its favor and only two votes against it. This was confirmed by Mykhailo Fedorov, Ukraine’s Vice Prime Minister, who is also serving as the nation’s Minister of Digital Transformation. “Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud,” Mykhailo Fedorov tweeted. The bill classifies all cryptocurrencies as ‘virtual assets’, however, it cannot be used as a payment instrument or traded for other assets, products, or services. The bill further specifies that crypto service providers must abide by the rules and regulations set by the bill. Any violation of such regulations will incur significant fines. The bill also details that the National Securities Commission will regulate the Ukrainian crypto market. Ukraine Legalizes Crypto Few Days After Russia The announcement came just days after Russia declared crypto as a legal currency in the country. Currently, Russians are holding over $200 Billion worth of crypto ...
