Ukraine parliament approves bill legalizing Bitcoin (BTC) amid Russia tensions

The Ukrainian parliament has passed a bill that legalizes all cryptocurrencies. The passing of this bill comes amidst growing tensions with Russia. Recently, Russia also recognized Bitcoin and other cryptocurrencies as currencies.

Ukrainian parliament legalizes crypto

The Ukrainian parliament has passed the Virtual Assets Bill. The bill terms cryptocurrencies as virtual assets, and they will now be granted legal status. The bill received 300 votes in its favour, and only two legislatures voted against it.

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The passing of this bill will place Ukraine closer to developing a clear crypto regulatory framework. The bill describes cryptocurrencies as virtual assets that have not gained legal status to be used in the country. If this bill is approved by the Ukrainian president, it will allow the use of cryptocurrencies as a payment method that can be used to purchase goods and services.

The bill will also confirm that Ukrainian citizens can hold and use cryptocurrencies. It will also define the rights and duties of the participants in the cryptocurrency space. Legalizing the crypto sector will make it more open to the public and give the government oversight over this space.

Crypto bill has been passed before

This is not the first time that the Ukrainian parliament has passed a bill that approves the use of cryptocurrencies. Last year, the Ukrainian parliament approved a similar bill, but the bill failed to go through. It was vetoed by the country’s president, Volodymyr Zelensky, who called upon the parliament to amend it.

The parliament has since amended this bill so that it now has the legal framework needed for it to be implemented without compromising the country’s constitution. Some changes needed by Zelensky have been addressed in this new bill.

Mikhail Fedorov, the head of the Ministry of Digital Development in Ukraine, said that this new bill would enable Ukraine to set a legal framework for virtual assets. The bill also adds that the National Securities Commission of Ukraine will be the main regulatory body used to monitor virtual assets and other crypto products in the future.