Ukraine begins regulating the cryptocurrency market

in #mcan11 months ago

The parliament in Kiev has adopted new legal regulations defining the status of cryptocurrencies in Ukraine. Cryptocurrencies, thanks to the Act "On Virtual Assets", have been recognized as an intangible good that does not have the status of legal tender.
Service providers will be required to respect national anti-money laundering laws and prevent terrorist financing attempts. The new law will allow cryptocurrency users to independently determine the value of virtual assets, open bank accounts for the settlement of transactions and provide judicial protection of related rights.
The law introduces the term "virtual digital assets" which will have to be issued in Ukraine by registered entities. When the assets are secured with currencies, they will be regulated by the National Bank of Ukraine, but if the underlying asset is securities or derivatives, the National Securities Commission will take control The act will come into force after the approval of changes in the national tax code, namely changes in the taxation of cryptocurrency transactions.

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