The President of Ukraine has been in the media outlets for a long time. The former comedian turned politician recently issued some major news to cryptocurrency enthusiasts all over the world. In a surprising turn of events, Zelenskyy has recently signed a bill that will set into motion creating the legal framework for adding Bitcoin as a legal tender in the country.
It is worth noting that the current bill will allow the financial regulators and central banks in Ukraine to work towards creating the main legislative framework that will lead to accepting Bitcoin as a legal tender in the country. The news was made official recently by the Ministry of Digital Transformation.
According to the latest statement issued by the Ukrainian Digital Transformation Ministry, the new crypto bill will define the legal qualifications for options like virtual asset ownership, legal status, and types. The bill also allows the National Commission of Securities and Stock Market to regulate the new legal tender.
Furthermore, the banks operating under the government will also be able to offer crypto custodial services and offer cryptocurrency trading. Privatized cryptocurrency exchanges will also be able to register and operate in the region. It is important to note that all the private crypto exchanges will require a permit from the central financial regulator to become illegible for offering their services in the region.
Change in Policies to Encourage Crypto Growth
Ukraine is important due to its geopolitical location in the world. It is a gateway for Europe and the Asian market for big players like the United States. Considering that if key export routes like Ukraine will adopt Bitcoin and Ethereum as legal tender, it will soon spread in both directions. Thus far, Ukraine has received $100 million in donations as war aid in the form of digital assets.
The Ministry of Digital Transformation also claimed that the country is working towards easing the taxation policies on cryptocurrency trading to increase interest and adoption. Interestingly, the Ukrainian government is planning to issue an NFT collection that will commemorate the ongoing war against Russia.