Legalization of cryptocurrencies: the bill passed in the second reading

The Verkhovna Rada supported in the second reading the bill No. 3637 "On virtual assets", which legalizes the use of virtual assets in Ukraine.

At a meeting on Wednesday, September 8, 276 MPs voted for him.

The explanatory note to the bill says that it should streamline the regulation of the virtual asset market and its participants.

The document also regulates the legal status of virtual assets between individuals and legal entities that appear with digital assets.

The importance of the law was also explained by the Minister of Digital Transformation Mikhail Fedorov. According to him, the document "represents a top jurisdiction where the crypto company has transparent terms with the regulator and favorable taxation."

“In Ukraine, the daily turnover of virtual assets is UAH 1 billion. But all this is in the shadows. Because of this, international exchanges cannot enter Ukraine. Taxes are not paid on any transactions with virtual assets. But thanks to the law, this will be settled. Favorable conditions will be created that will allow companies to register in Ukraine and not abroad. The budget will receive taxes, and entrepreneurs should feel protected,” he wrote after the adoption of the law by the Rada in Telegram.

Fedorov also noted that only a few countries in the world have legalized cryptoassets - Germany, Luxembourg, Singapore. And Ukraine will be one of them.

Source: Slovoidilo