The National Bank of Ukraine has introduced a new regulation which will require all companies that deal with cryptocurrency to register with the central bank.
This will include exchanges, miners, and wallet providers.
The new regulation is an attempt by the Ukrainian government to bring some order to the cryptocurrency market.
Cryptocurrency is currently unregulated in Ukraine, and this has led to a number of problems. For instance, there have been cases of fraud and theft involving cryptocurrencies.
The new law will require companies that deal with cryptocurrency to meet certain standards. They will need to verify the identities of their customers and report any suspicious activity.
Ukraine has been in the news lately as a result of her irruption by the Russian government.
Cryptocurrency has been a hot topic in the midst of this turmoil with Russia taking a restrictive stance while neighboring Estonia is looking to become a global center for Cryptocurrency.
During this period, the country had openly acknowledged significant cryptocurrency donations from other nations, and it had even decided to create some legal framework for crypto use in the country.
The bill was delivered to the president in mid-February but only now has the president signed it into law.
Ukraine’s Vice Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov, stated that the country believes cryptocurrency has a bright future and that legalization is one step toward bringing it to reality.
“We believe that crypto industry offers new opportunities for economic growth. This is why the Cabinet of Ministers of Ukraine has set a task to develop a legislative framework for crypto use in our country,” Fedorov Twitted.
Cryptocurrencies have been around for over a decade now, but it wasn’t until 2017 that Bitcoin really started to take off.
They are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units.
They are decentralized, meaning they’re not subject to government or financial institution control. Bitcoin was the first and is still the most well-known cryptocurrency.
According to a statement from the Ministry of Digital Transformation of Ukraine, the new law creates conditions for a legal virtual asset request in the country.
It’ll be regulated by the National Securities and Stock Market Commission, alongside the National Bank of Ukraine.
The law defines Cryptocurrencies as “property”, and states that they can be used to pay for goods and services.
It also allows private individuals and businesses to use Cryptocurrencies as a form of payment, stating that digital assets are not subject to VAT.
“This is an important step on the way to the legalization of Cryptocurrencies in Ukraine,” said Oleksandr Yaremenko, head of the ministry’s finance department.
Ukraine’s National Bank of Banking and Payment System Review (BPR) has issued a paper on the subject of cryptocurrencies in December 2017.
The paper also sets out what sort of legal expertise is required to set up a virtual asset firm, among other things.
Cryptocurrencies are a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units.
They are decentralized, meaning they are not subject to government or financial institution control.
Cryptocurrencies first came into existence in 2009 with the launch of Bitcoin. Ethereum, a second-generation cryptocurrency, was launched in 2015.
They are often traded on decentralized exchanges and can also be used to purchase goods and services.
Eventually world government will realise that the crypto industry is a major economic player if the current crypto teething problems are properly resolved.
Cryptocurrencies offer great opportunities to evade capital controls and bank secrecy.
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