Ukraine’s central bank explains the case for legalising cryptocurrencies

The National Bank of Ukraine (NBU) has said that legalising cryptocurrencies would provide legal protection for users and market participants, and added that calling cryptocurrency a currency is incorrect. This was stated in Telegram-канале НБУ.

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The regulator noted that there is still no single definition of cryptocurrency in the world:

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\”Its legal nature is more complex than such concepts as money, currency, monetary value, legal tender, securities, money substitutes and others.\”

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According to the bill on regulating cryptocurrency operations that passed the first reading, cryptocurrency is regarded as one type of virtual asset, the NBU noted. adopted as the basis the draft law ‘On Virtual Assets’ in early December.

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Defining the legal status of virtual assets will allow businesses to operate officially and protect such assets from abuse and fraud, as well as generate budget revenue from taxes on cryptocurrency companies, the National Bank emphasised.

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\”The law will also act as a barrier to ‘grey’ money and the financing of terrorism. And do not forget about transparent investments,\” the regulator’s statement said.

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Earlier in December, the Verkhovna Rada of Ukraine, in the first reading adopted as the basis the draft law ‘On Virtual Assets’ in early December.

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