Ukraine Creates Legal Framework for Cryptocurrencies

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The Digital Assets Act has now been adopted by Ukraine’s senate, following its leader’s approval in October amid hostilities with Russia towards its eastern territories. As a result, Ukraine is now one of the most recent countries to establish a legal framework for dealing with cryptocurrencies. This bill was passed in the parliament with over 290 votes in favor and only two votes against it.

Ukraine’s Virtual Assets Bill

Ukraine has passed legislation making cryptocurrency legal tender.

Ukraine has become the world’s latest country to legalize Bitcoin (BTC) and other cryptocurrencies. The Digital Assets Act was passed by parliament on Thursday. This bill establishes the essential legal framework for the growth of digital currencies in the country.

Citizens can now own and use digital currencies thanks to this new infrastructure. It also establishes a clear legal framework for businesses and market players to provide solutions and services to users.

In recent months, the bill has gone through several revisions to ensure that all relevant features are included. In addition, several changes have been made to match all regulatory and legal criteria.

Even though this may not make Bitcoin legally enforceable in the same manner that it did in El Salvador in 2021, it is among the methods for local businesses to begin providing better facilities to investors and ensure that the market adheres to certain standards. In contrast to other countries considering imposing limits on digital currencies, Ukraine is forging ahead with a legal structure that covers Bitcoin and the entire crypto economy.

Conflict Between Ukraine and Russia

It’s worth noting that Ukraine was already embroiled in a diplomatic spat with Russia for the past few months. The country’s eastern areas could be invaded at any time, although Russia says that no invasion of Ukraine is planned. Gunshots can be heard every day in Donetsk, indicating rising civil unrest.

While most observers believe that the Ukraine issue has had little impact on crypto so far, they also think that direct armed war between Ukraine and Russia (and maybe their allies) will have a significant effect.

“Should armed conflict break out, crypto markets could suffer a substantial drop, albeit this is more likely to be driven indirectly by the conflict’s influence on oil and food markets, in my opinion.” Armed war would almost certainly result in food shortages due to supply chain disruptions, according to Mark Elenowitz.

Despite the welcome news that Ukraine will legalize cryptocurrencies, Bitcoin and other digital currencies have fallen as investors pay close attention to the conflict in Ukraine. The market is concerned about a Russian attack on Ukraine and a massive war between NATO and Russia.

Bitcoin is presently valued at around $40,700; according to CoinMarketCap, this is a 10% value decrease from just a few days earlier. Analysts predict Bitcoin will continue to plummet in the coming years if a full-scale war involving Ukraine and Russia or a Russian attack of Ukraine’s eastern territories is confirmed.


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