Zelensky Signs Law on Virtual Assets

Ukrainian President Volodymyr Zelensky signed the Law on Virtual Assets (VA), which regulates the circulation of cryptocurrencies within the country.

The measure will allow Bitcoin exchanges to operate legally in Ukraine, and banks to open accounts for cryptocurrency companies.

Holders of digital currencies are guaranteed legal protection of their rights.

The regulation of the market is divided between the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSMC). The central bank is responsible for VA backed by monetary values. The regulation of the turnover of cryptocurrencies and VAs backed by securities or derivative financial instruments is vested in the National Securities and Stock Market Commission.

The Law on Virtual Assets will come into force after amendments to the Tax Code. They will separately set out the specifics of cryptocurrency taxation.

The updated text of the document was adopted by the Verkhovna Rada on February 17. A detailed analysis of the law can be read in ForkLog’s dedicated material.

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