With 276 Parliament members pro and only 6 against, the government in Ukraine passed the law which makes bitcoin fully legal throughout the country. On top of regulating, the new law also provides a tax clarification and protects the interests of anyone who owns bitcoin.
Moreover, the bill will provide a better tax insight and lays the foundation for certain future guidelines on how the country will proceed will regulating bitcoin.
Ukraine’s new crypto bill will provide clarification on everything in regard to private keys and legal wallets. Additionally, the new bitcoin law will also serve as a license for anyone who wishes to use this digital coin.
Specifically, it will ‘allow’ citizens to freely trade or store with any cryptocurrency and exchange that they please. That is for both businesses and investors.
According to the Ukrainian Ministry of Digital Transformation, before the end of the year, the Parliament intends to pass the civil codes and taxes. As per their words, that is in order to ‘open the market’ officially. That is for both businesses and investors.
One look at how the government of Ukraine makes bitcoin legal, and you immediately realize that it is rather similar to El Salvador and their way of legalizing the asset. Especially since the approach and implementation are basically the same. However, it is worth mentioning that there is a major difference.
In El Salvador, bitcoin is legal tender. In Ukraine, it is only legal. Meaning that while it is legal to trade and store bitcoin, they cannot make official government payments. And in order for Ukraine to make bitcoin legal tender, they will have to pass an entirely different bill.
Regardless of that minor detail, Ukraine is definitely set to fully regulate crypto. They just need to be careful not to smother bitcoin and its unique nature with over-regulation. Something that is absolutely crucial when attempting to regulate any crypto asset.
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