In a recent move, the Ukrainian Parliament has adopted a bill that will allow citizens to pay taxes with cryptocurrency as of next year. This is one of the first countries to adopt such a law and it shows how quickly cryptocurrency is growing in popularity.
The ukraine legalize bitcoin is a law that has recently been adopted in Ukraine. This will allow Ukrainians to pay cryptocurrency legally, which is a big step for the country.
- In Ukraine, it is legal to pay using cryptocurrency.
- A new legislation on virtual assets is now being drafted.
- The new legislation makes no mention of cryptocurrency as a payment method.
In an interview on Friday, Ukraine’s Deputy Minister of Digital Transformation, Oleksandr Bornyakov, said that once the new legislation is passed, it would be allowed to pay with cryptocurrency in the nation. The new legislation on virtual assets is now being drafted.
Furthermore, Ukraine has been planning to legalize cryptocurrencies and the virtual hryvnia for the last several months. If a new legislation governing virtual assets is passed. Then every single person in Ukraine will be able to legally trade and spend bitcoin in the nation.
According to the National Service for the Regulation of Virtual Assets, the crypto legislation now allows for the creation of a new regulatory body. The Ministry of Finance, the National Bank of Ukraine (NBU), and the National Securities and Stock Market Commission (NSSMC) will all have their own duties.
As a result, the new virtual assets legislation makes no mention of cryptocurrency as a payment method in the nation. However, the process of obtaining is not banned. Bornyakov said that paying with cryptocurrency via an intermediary would be allowed, allowing for rapid conversion to Ukrainian hryvnia.
Furthermore, current Ukrainian laws make it illegal to pay in dollars. A dollar card, on the other hand, is a convenient way to pay for goods.
Bornyakov further said that bitcoin exchanges would be required to acquire licenses in order to offer services to Ukrainians, and that these permits will be scrutinized by authorities. He stressed that this is not a license system since the process would be lot simpler. “We realize that the business with virtual assets is global,” he said. As a result, if we impose registration requirements in Ukraine, crypto exchanges will not be able to operate in our country.”
This was the second reading of the virtual assets law, which was passed on the first reading in December. The legislation has now been revised, and the legislative Committee on Digital Transformation recommended final approval in June.
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The countries where bitcoin is legal are countries that have adopted the cryptocurrency. Countries like Ukraine, Belarus, and Russia are now legally able to pay with Bitcoin.
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