Ukraine’s digital ministry signals imminent legalization of crypto payments

Residents of Ukraine will be able to pay with cryptocurrencies quite legally with the adoption of the Law on Virtual Assets. This was reported by Deputy Minister of Digital Transformation Oleksandr Bornyakov, writes «Minfin».

According to him, regulatory oversight will allow holders of cryptocurrencies to safeguard their savings in digital assets, legally exchange them and declare them.

“We expect that a whole market of intermediary services for paying for goods with crypto-assets, their storage and exchange, will emerge,” said Bornyakov.

The deputy minister stressed that the bill does not recognise cryptocurrencies as a means of payment, but it does allow acquiring transactions.

He noted that Ukrainian law does not permit settlements in dollars either, but “a dollar card can be used to pay for purchases without issue,” since at the time of payment there is instantaneous conversion.

“The bill envisages that companies will be able to provide services for such conversions. Therefore in Ukraine it will be quite legal to settle payments with cryptocurrencies, but through an intermediary,” said Bornyakov.

Earlier in June, the Verkhovna Rada published an updated bill on virtual assets. However regulators criticised the text of the document.

Subsequently it was refined and the Committee on Digital Transformation of Ukraine recommended the draft law for passage.

In July, the Ministry of Digital Transformation presented a strategy for developing the virtual assets market for three years.

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