- The Verkhovna Rada has recently adopted a new bill that integrates the best worldwide AML practices into the crypto regulatory framework.
- So with this, people who own assets in digital currency are able to use their holdings as a medium of exchange.
- So in laymen’s terms, crypto payments are now a legal entity in Ukraine.
Members of Ukraine’s legislative arm, the Verkhovna Rada have recently adopted a new bill that integrates the best worldwide AML practices into the crypto regulatory framework of the country.
According to Forklog, in the Ukraine, and as part of the new legislation, cryptocurrencies are now to be under the classification, property. So with this, people who own assets in digital currency are able to use their holdings as a medium of exchange. Among many things, this will give room for legalised trading, payments, investments, and transfers.
So in laymen’s terms, crypto payments are now a legal entity in Ukraine.
As per Bitcoinist:
“Details of the new law also include a provision for private individuals to act as crypto money transmitters and custodians. Such services must, however, operate in strict compliance with financial monitoring and reporting standards prescribed by the newly adopted bill.”
The news comes after an announcement from the nations Ministry of Digital Transformation of its partnership with a Belarus-based crypto platform. The new partnership focuses on learning from the Belarusian experience in order to help create a legal framework for payments and digital currency adoption overall.
By crypto payments being legalised, the country seems to have taken a big step in the right direction for the improvement of digital currency trade and investment in the country. Earlier in 2019, Kyiv revealed that it was debating between itself whether it would allow bitcoin payments in the transport system. If this was to go ahead, the adoption of bitcoin would be huge.
It will be interesting to see how this situation plays out. Before we finish, please do your own research before putting your money in a cryptocurrency and always remember to trade safe! For more news on this and other crypto updates, keep it with CryptoDaily!