In its second reading, Ukraine’s parliament approved a bill that legalizes and regulates cryptocurrencies.
Ukraine, whose parliamentarians just approved a bill on the legality of cryptocurrencies, is another country that recognizes the added value of cryptocurrencies for its citizens.
The measure was approved by the parliament in the second reading on September 8, according to the Ukrainian daily Kyiv Post, with 276 parliamentarians voting in favor.
It is currently awaiting President Volodymyr Zelensky’s signature, after which Ukraine can go on with its plan to open the crypto market to companies and investors.
A spokesman for the Ministry of Digital Transformation was to report on the strategy, with a deadline of 2022 for implementation. Parliament must also enact new legislation and alter the tax and civil rules, according to the spokeswoman.
Experts in Ukraine believe that the law’s approval was a watershed event for the country’s crypto business.
It will reduce stereotypical attitudes towards cryptocurrencies and will help them to become normal financial instruments, said Oleg Kurchenko, CEO of virtual asset exchange platform Binaryx
On the other hand, experts are concerned that too many rules will be introduced, which may have the opposite impact. This might stifle innovation and increase pressure on crypto firms, which must abide by all laws.