The Ukrainian Parliament has passed legislation to regulate crypto exchange operations in the country. The new law will affect domestic crypto exchanges and foreign ones with a user base in the country.
The adoption of this law marks a turning point as the country official recognizes cryptocurrency. The parliament’s legislation builds from existing rules created by the Financial Action Task Force on Money Laundering (FATF), an intergovernmental policy-making organization.
Ukraine’s Ministry of Digital Transformation’s Anastasia Bratko has said that the law will allow interested companies to launch crypto markets in the country, and also let banks open accounts for crypto outfits. She also added that residents will be allowed to declare their income in virtual assets.
The ministry also announced that crypto companies would pay additional tax revenues to the country’s budget. Furthermore, the ministry hopes the new law will help to circulate crypto. According to an announcement:
“The adopted norms establish rules for service providers related to the circulation of virtual assets and contribute to the market’s de-shadowing.”
Besides laws supporting crypto, Ukraine is also moving forward with its central bank digital currency (CBDC). Last month, deputy prime minister Mykhailo Fedorov said that the country is considering an early pilot of its CBDC, involving salary payments.
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