Ukraine legalises Bitcoin amid war tension with Russia

In the middle of war tension between Ukraine and Russia, Bitcoin is presently legalised in Ukraine as its parliament endorsed in final reading a bill that takes care of the president's suggestions. Be that as it may, the country has not made bitcoin a legal tender.

Mykhaylo Fedorov, the Ukrainian minister of digital transformation, said in a statement.

"Ukraine is already in top-5 countries on cryptocurrency usage. Foreigners and Ukrainian crypto organizations will be able to work lawfully, and Ukrainians will have convenient and secure access to the worldwide market for virtual assets."

Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.

— Mykhailo Fedorov (@FedorovMykhailo) February 17, 2022

As indicated by the official statement, the parliament passed the new Law of Ukraine on Virtual Assets on Thursday with more than 270 votes. The bill subtleties prerequisites that Bitcoin specialist organizations, for example, exchange platform ought to submit to and decide fines for infringement of the law's arrangements, as well as verifying that the country's National Securities Commission regulate the digital currency market.

Ukraine's Securities Commission will be entrusted with giving licenses to Bitcoin and cryptocurrency service providers and doing oversight and monetary observing of the market, the statement said.

However, Ukraine's foe Russia has fixed regulations on crypto trades even as the nation turned into the third biggest community for bitcoin mining on the planet. It positions behind the U.S. what's more Kazakhstan, starting last August, Bloomberg detailed, referring to information from Britain's Cambridge Center for Alternative Finance.

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