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Ukraine to give cryptocurrencies legal status

By Ashley Norris
November 7, 2019, 10:03 AM GMT

    Legislation will include blockchain implementations, as well as the creation of new virtual assets and a virtual currency market

    Ukraine has become the latest country to announce it is creating a framework to establish a legal status for cryptocurrencies.

    The country’s move follows similar initiatives from Belarus, Switzerland, Malta and Gibraltar, all of which have passed regulatory guidelines for digital currencies.

    The Ministry of Digital Transformation of Ukraine says it will work with crypto company Binance to create a series of bills which will be presented to its parliament by the end of 2019. These will focus on blockchain implementations as well as the creation of “new virtual assets and a virtual currency market in Ukraine.”

    The country’s deputy prime minister, Mykhailo Fedorov, enthused about the alignment between the executive, legislative authorities and the market stressing how they “have come to an understanding of the regulation of the Ukrainian cryptocurrency market.”

    “Thanks to this step, both Ukrainians and global cryptocurrency companies will be able to operate in Ukraine openly and transparently,” concluded Fedorov.

    In an accompanying press release, Binance CEO Changpeng Zhao stated that the legalisation of cryptocurrencies, and the adoption of progressive legislation can play a key role in bringing positive growth to the economy as well as attracting additional investment.

    Ukraine has been exploring ways to legislate about cryptocurrency for several months now. In October MP Oleksii Zhmerenetskyi announced that three bills to regulate cryptocurrency were being prepared and invited blockchain and crypto experts to submit relevant proposals.

    Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

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