• About
  • Privacy Policy
  • Terms
  • Contact
Friday, January 27, 2023
Financial Eye News
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
Financial Eye News
No Result
View All Result

Ukraine Strengthens its Positions by Legalizing Bitcoin & Crypto, Here’s What Changes

March 19, 2022
in Cryptocurrency
Reading Time: 3 mins read
49 2
ADVERTISEMENT

Ukraine’s President Volodymyr Zelenskyy has signed off on a new law that will bring cryptoassets under a legal umbrella – and allow national market regulators to police the sector. The move will pave the way for the country to begin taxing crypto.

Prior to the outbreak of war, Ukraine had been hoping to regulate the sector, and its national power operator had been working on plans to allow crypto miners greater access to its nuclear energy resources.

The work on the act had mainly been carried out by the Ministry of Digital Transformation, but the finance ministry and Zelenskyy himself had also been keen to make key amendments, including the creation of policy-forming bodies and the determination of which government organs would police the industry.

Per the finance ministry’s Telegram channel, as well as a release from the Ministry of Digital Transformation, the law will do the following:

  • Grant foreign and Ukrainian crypto exchanges the opportunity to operate legaly in the country
  • Allow domestic banks to provide accounts for crypto-related companies
  • Grant Ukrainians the ability “to protect their savings in virtual assets”
  • Provide legal recognition and rights to cryptoassets and their holders

Although the central bank, the National Bank of Ukraine, will play a co-regulatory role, the nation’s markets regulator – the National Commission on Securities and Stock Market – will become the body charged with governing the sector.

The commission has been told to liaise with the central bank to “formulate and implement” crypto-related policies. Furthermore, the commission will “determine the order of” crypto “circulation.”

And, in line with many other countries, the regulator will issue operating permits to so-called virtual asset service providers (VASPs) – namely crypto exchanges and wallet operators as per Financial Action Task Force (FATF) definitions. As such, the body will have the power to supervise VASPs and conduct “financial monitoring.”

The ministries have formerly emphasized that the legislation – which was first formulated last year – would not be overly restrictive, as the government had earmarked the crypto sector for growth. However, pro-business sentiments have also been tempered with the usual government concerns about money laundering risks and investor protection.

The finance ministry wrote:

“This is another important step towards removing the crypto sector from the shadows and launching a legal market for virtual assets in Ukraine.”

Perhaps crucially for Ukraine’s treasury, the ministries indicated that the law would also pave the way for tax bodies to begin creating a framework of taxation that will allow the state to tax traders – and likely miners – on their profits.

Against the backdrop of the war, the law has further resonance: Ukraine has received considerable crypto donations from the international community during the conflict, with the government setting up a number of crypto wallets for donations. The timing of the law, as such, will likely give further legitimacy to Zelenskyy’s government as it seeks to use these funds.
____
 
– Market Cap of Gold-Backed Tokens Crosses USD 1B as Ukraine War Makes the Metal Shine
– Elliptic Claims Breakthrough in Search for Russian Crypto Sanctions Evaders

– Ukraine Launches Crypto Fundraising Site With FTX as Donations Slow Down
– Russia Has ‘All the Needed Resources’ to Create Its Own Crypto Infrastructure, an MP Claims

– Check These Ukraine NFT Projects Against the Russian Invasion
– Ukraine Outranks Russia in Crypto Adoption Index as War Starts

Source: Crypto News

ADVERTISEMENT
Share6Tweet4Share1SendShareSend

Related Posts

Cryptocurrency

X-eleven’s Fintech for the Post-Fiat Era is Conquering the Market

December 5, 2022
Cryptocurrency

Top crypto tweets of the day – December 5th | Financial Eye Crypto

December 5, 2022
Cryptocurrency

Are Big Eyes Coin (BIG), Tora Inu (TORA), and Orbeon (ORBN) Diamonds In The Rough?

December 5, 2022
Cryptocurrency

Botched Bitcoin Experiment Using Chivo Wallet Cost El Salvador’s Taxpayers Over $20 Million – Report

December 5, 2022
Cryptocurrency

Siacoin (SC) Price Prediction 2023/2025/2030

December 5, 2022
Cryptocurrency

Financial Eye Strategist: “We’re in the Final Stages of This Bear Market for Cryptos”

December 5, 2022

Popular Stories

  • AIG to launch cut-price IPO of life and asset management unit

    48 shares
    Share 19 Tweet 12
  • EY boss targets $10bn boost from Silicon Valley tie-ups after break-up

    32 shares
    Share 13 Tweet 8
  • Tesla delays plan to restore Shanghai output to pre-lockdown levels -memo

    32 shares
    Share 13 Tweet 8
  • TV production giant Banijay to go public via Arnault-backed Spac

    30 shares
    Share 12 Tweet 8
  • Nio to Invest $32.8M Building R&D Labs in Shanghai By Financial Eye

    30 shares
    Share 12 Tweet 8
ADVERTISEMENT

Latest News

Taylor Swift Fans Sue Ticketmaster’s Parent Company

December 5, 2022

Fisker trades down following price cut at Citi By Financial Eye

December 5, 2022

UAW president faces run-off election as reformers make gains

December 5, 2022

Felipe Valls, 89, Whose Cuban Restaurant Became a Political Hub, Dies

December 5, 2022

Longroad buys 98-MW solar farm in California

December 5, 2022
Facebook Twitter LinkedIn

Financial Eye is one of the most trusted news sources for Financial News, global news and local USA news, we provide the news from the most trusted sources.

LEARN MORE »

Recent News

  • Taylor Swift Fans Sue Ticketmaster’s Parent Company
  • Fisker trades down following price cut at Citi By Financial Eye
  • UAW president faces run-off election as reformers make gains

Sections

  • Business
  • Climate
  • Commodities
  • Companies
  • Cryptocurrency
  • Cryptocurrency
  • Forex
  • Green Energy
  • Latest Financial News
  • News
  • Politics
  • Stock Market News
  • Technology
  • Videos

© 2022 Financial Eye News Media

No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • Videos

© 2022 Financial Eye News Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Subscribe To Our Daily News Round-Up.

The top ten most-read stories direct to your inbox

You have Successfully Subscribed!

You have Successfully Subscribed!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.