The Verkhovna Rada of Ukraine is preparing for the second reading of the draft law on virtual assets, which gives legal status to cryptocurrency payments and crypto trading.
According to the Deputy Minister for Digitaltransformations on the development of IT by Alexander Bornyakov, the provisions of the law do not legalize digital assets themselves, but only allow settlements through intermediaries converting them into fiat. He compares this mechanism to paying for goods with a dollar bank card.
The bill also makes legal transactions related totrading, storage and exchange of cryptocurrencies. It also clarifies the operating standards of crypto exchanges and reporting on transactions with digital assets. The document does not affect mining farms, since the government already considers this business legal.
Alexander Bornyakov expects that the adoption of the law will stimulate the formation of an entire market for intermediary services in this area, where, due to economies of scale, commissions will not exceed 1%.
Law “On Virtual Assets” Vcombined with the law “On Payment Services” recently signed by President Vladimir Zelensky. will open the way for the National Bank of Ukraine to issue a digital hryvnia.
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