Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Ukraine Parliament Voted 'Yes' To A Draft Law That Legalizes Bitcoin

Ukraine Parliament Voted 'Yes' To A Draft Law That Legalizes Bitcoin

The Ukrainian Parliament today voted to pass a law that makes cryptocurrency legal within the country and allow crypto exchanges to officially operate. The bill drafted in 2020 passed with a total of 276 lawmakers supporting the law, and only six against it.

Cryptocurrencies have been in a legal gray area in Ukraine, the seventh-most-populous country in Europe. The main purpose behind this bill seems to provide clarification on the asset and protect those who own bitcoin, as it was not previously legal or illegal in the country.

Though not illegal, Ukrainian law enforcement agencies treated bitcoin and other virtual currencies as a scam, resulting in bitcoin businesses getting raided. According to Chainalysis, Ukrainians are among the top adopters of cryptocurrency in the world.

After signing the bill signed into a law, banks will be free to take on crypto company accounts, while citizens and businesses who own it will have legal protections in case of theft.

The new law will provide tax clarity and officially allow bitcoin businesses to operate within the country. It also sets some guidelines for how Ukraine may try and regulate bitcoin more in the future.

This bill gives the citizens “permission” to own and trade bitcoin and other cryptocurrencies on exchanges. It will also provide clarity on wallets and what private keys are.

The Parliament is expected to pass and amend their tax and civil codes before the end of the year to officially “open the market” for businesses and investors, according to a Ministry of Digital Transformation, which drafted the legislation and will be responsible for implementing the law. it is expected to go into effect this fall after the tax code is amended and the president signs the legislation.

The Ministry of Digital Transformation has been active on the crypto front for months. In January, it forged an agreement with the Stellar Development Foundation to develop a central bank digital currency—a virtual version of the hryvnia—which the National Bank of Ukraine began researching four years ago. As part of the agreement, which the Ministry pitched as a way to make the country more competitive in the Eastern European market, Stellar would help in developing regulations and cryptocurrency infrastructure.

It is important to note that even though bitcoin is now legal in Ukraine, that does not mean that BTC is legal tender in the country. That would require a different kind of law to pass, such as El Salvador did earlier this week.

Source: Ukraine Parliament Voted 'Yes' To A Draft Law That Legalizes Bitcoin – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×