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19 September 2021

Ukraine Adopts New Law To Legalize Bitcoin And Other Cryptocurrencies

Ukraine Adopts New Law To Legalize Bitcoin And Other Cryptocurrencies


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Ukraine is the latest to join the growing list of countries that have legalized crypto.

Unlike El Salvador’s move to adopt bitcoin as legal tender, Ukraine’s crypto law clearly states that cryptocurrencies do not constitute legal tender.

However, it is an indication that the country is leaning more into bitcoin.

“Ukrainians will also be able to declare their income in virtual assets,” said Anastasia Bratko of the Ministry of Digital Transformation.

Locals were allowed to buy and exchange virtual currencies, but companies and exchanges dealing in crypto were often under close watch by law enforcement.

Two years ago, Ukraine’s Ministry of Digital Transformation was established.

The Government’s online portal reported that the Ministry of Digital Transformation partnered with a crypto exchange, Currency.com, a Belarusian service that is allegedly the first regulated exchange in the Commonwealth of Independent States (CIS) region to provide support for cryptocurrencies, fiat, and tokenized assets.

Minister of Digital Transformation, Mykhailo Fedorov, also said that the country was modernizing its payment market so that its National Bank would be able to issue digital currency.

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