The Verkhovna Rada adopted a law on the regulation of virtual assets, which will support the legal cryptocurrency market.
After loud criticism and several amendments, the law “On Virtual Assets” was adopted by 276 deputies of Ukraine.
For the law to come into force, it is still necessary to make amendments to the Tax Code, which the Ministry of Digital Development is already working on.
The regulatory document recognizes virtual assets (VA) as an intangible benefit that is not equated to a means of payment.
The concept of a financial virtual asset has also been introduced, the issuer of which can only be a resident of Ukraine.
The document provides the right to open bank accounts, protect property rights in the courts and pay taxes on income from cryptocurrency transactions. All operations are carried out in accordance with FATF anti-money laundering requirements.
The law will allow Ukrainian and foreign exchanges to officially conduct crypto operations in the country. In this regard, crypto companies will have to not only declare income, but also disclose their ownership structure and conduct financial monitoring.
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