Ukrainian Can Pay Cryptocurrency Legally After the New Law Adopted

Ukrainian Can Pay Cryptocurrency Legally After the New Law Adopted
  • Ukrainian can legally pay with crypto in the country.
  • The new law on virtual asset is being prepared.
  • The new law does not reveal that crypto is a means of payment 

Ukraine’s Deputy Minister of Digital Transformation, Oleksandr Bornyakov, announced in an interview held on Friday, it will be possible to legally pay with crypto in the country once the new law, adopted. As of now, the new law on virtual assets prepared.

More so, for the last few months, Ukraine keeps on preparing to authorize cryptocurrencies and the virtual hryvnia. If the new law on virtual assets, adopted. Then each and every individual in Ukraine can legally trade and spend cryptocurrency in the country.

Henceforth, the National Service for Regulation of Virtual Assets noted, the crypto law provides for the establishment of the new regulatory body. Already existing regulators such as the Ministry of Finance, the National Bank of Ukraine (NBU), and the National Securities and Stock Market Commission (NSSMC), will have their own responsibilities.

Henceforth, the new virtual assets law does not reveal that cryptocurrencies are a means of payment in the country. But the acquiring process not prohibited. Bornyakov stated it will be legal to pay with crypto through an intermediary enabling instant conversion to Ukrainian hryvnia.

Even more, the regulations in Ukraine today prohibited you to pay in dollars. But you can easily pay for purchases with a dollar card.

Bornyakov also announced, cryptocurrency exchanges will have to obtain permits to provide services to Ukrainians and will checked by regulators. He highlighted that this is not a licensing regime as the procedure will be much easier. Also, he mentioned, “We understand that the business with virtual assets is global. So if we set conditions for registration in Ukraine, crypto exchanges will not enter our country”.

Of note, this was the second reading, on the first reading, the virtual assets bill, voted which held last December. From there the law has been revising and this June, the parliamentary Committee on Digital Transformation recommended its final adoption.

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