Ukraine has approved a draft bill on the digital currency regulation. The move is expected to pave the way for a new legal structure for regulating the crypto sector in the country. The Draft Bill on Virtual Assets was accepted by lawmakers in the Verkhovna Rada, the country’s parliament, and will now proceed through two further legislative steps before potentially being signed into national law. Ukraine will join several other countries worldwide in having dedicated laws for cryptocurrency on their statute books.
Ukraine passes the crypto bill to regulate the industry better.
Ukraine is considered to be one of the world’s most forward-thinking countries on cryptocurrency, with widespread trade, investment, and savings in digital currency across the country. The crypto bill met with some resistance in parliament, with several lawmakers objecting to the time spent debating the matter in light of the country’s considerable economic challenges. However, lawmakers gave the nod with approval from 229 of the country’s 340 members in a vote. Under the proposed regulations, cryptocurrencies would be regulated by the Ministry of the Digital Transformation, with a requirement that digital currency companies register and obtain a license from the regulator.
Crypto regulations remain in the grey area in most countries.
Cryptocurrency-related regulations in most countries around the world are still in a grey area as lawmakers continue to issue guidelines and propose regulations. Crypto regulations remain a hot topic of debate in the crypto community as lawmakers worldwide try to tackle the newly emerging space. Currently, crypto regulations in most countries are in a grey area. However, lawmakers and financial regulators are working to ensure decisions are made for the public interest. Countries including Ukraine, South Korea, Switzerland, and a few others have made positive progress in this regard.
