Sat. Sep 25th, 2021

    Ukraine passes legislation to recognize and regulate crypto

    On Sept. 8, the Ukrainian Parliament adopted the draft law “On Virtual Assets,” legally recognizing cryptocurrency in the country for the first time. The law allows companies to launch virtual asset markets in Ukraine and enables banks to open accounts for crypto companies.
    The Ministry of Digital Transformation of Ukraine will be tasked with overseeing the implementation of the new virtual asset regulation and guiding the industry’s growth, in accordance with international standards.
    Ukraine is hoping its new digital asset regulations will attract foreign crypto exchanges to set up shop in the Eastern European nation.
    Virtual asset service providers (VASP) must have an impeccable business reputation and will be required to disclose their ownership structure to identify their ultimate beneficial owners.