Ukraine is next country to Regulate Crypto ?

Seems like a new race has begun in the crypto space about crypto regulation and the entire community is expecting more countries to adopt crypto. Surely its not easy because even now many countries have not cleared their stand on crypto and it seems they need more time to analyze and decided their side. While such countries are taking more time and in between countries like Al Salvador has made the bitcoin not just regulated but also made it legal tender that has enabled the option to use bitcoin as fiat currency. This is certainly a bigger more and expecting the same from bigger countries is not easy because they would have their own challenges. Since Al Salvador is not so big country so its easy for them but big countries have many things to settle first before they decide.

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After the announcement by Al Salvador about the legal tender now Ukraine is in the news. I have seen few articles about crypto regulation in Ukraine. This country was not against cryptocurrencies and digital assets but they did not have any legal framework however now they have it which has given more power to the people and now they can do it without worry. One thing needs to be clear that Ukraine has the legal framework in place which means crypto is not illegal there but its not legal tender. Its legal to trade inc crypto or hold it but people can't use it to buy goods or services like fiat.

Ukrainian parliament Verkhovna Rada passed a law that regulates cryptocurrencies and ensures the security of users. It now awaits the nod of President Volodymyr Zelenskyy.
On September 8, the Ukrainian Parliament introduced its crypto bill that allows the government to regulate virtual assets and create an official industry out of the crypto space. Crypto activity in the country, like most others including India, has been neither illegal nor legal so far.

The Crypto bill has been passed by the Ukraine parliament and now its awaited approval from the president and once its done then crypto is legal in the country. So we can say that crypto regulation in Ukraine is just a signature away and its expected that it will happen soon.

Having regulation in place opens the door of opportunities for many companies to make their entry and even exchange get the green signal to bring many new products since more people can be part of it. Ukraine has a daily digital asset turnover of approx $37k which is not a small amount but its expected that it will grow significantly post the regulation announcement.

Now since this trend of crypto regulation has already started so hopefully, many countries will join it, and possibly some are working silently which will be unveiled once they announce. Looking at the current crypto adoption worldwide and new people onboarding we can expect that after few years it will be difficult for few countries to think of its ban. When the majority of countries will have favorable regulations for crypto then it will push others to follow the same so that they don't have the left out kind of situation.

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Currently, the crypto market cap is more than 2 trillion USD and this is a huge amount. There has been tremendous growth in total market cap from 1 trillion to 2 trillion and even when the market was crashed in May then also it was way higher than 1 trillion of market cap. Now when bitcoin is trading around 45k and a few days back it was 53k USD approx so I expect that bitcoin price will be approx 100k by 2022 then we will be approx 3 trillion market or even more. With more adoption and regulation global market cap will keep on growing.

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