Ukrainian has adopted legislation regulating foreign and domestic cryptocurrency exchanges operating from within the country.
The Ukrainian Parliament adopted the draft law “On Virtual Assets,” legally recognizing cryptocurrency in the country for the first time. The legislation is based on the existing standards developed by the intergovernmental policy-making organization, Financial Action Task Force on Money Laundering (FATF).
The Ukraine’s Ministry of Digital Transformation will be tasked with supervising the implementation of the new virtual asset regulation and guiding the industry’s growth, in adherence with “international standards. Anastasia Bratko of the Ministry of Digital Transformation said the law allows companies to launch virtual asset markets in Ukraine and enables banks to “open accounts for crypto companies.
An announcement from the ministry highlighted that “the country will receive additional tax revenues to the budget, which will be paid by crypto companies,” Virtual asset service providers (VASPs) “must have an impeccable business reputation” and will be required to disclose their ownership structure to identify their ultimate beneficial owners.
