The Ukrainian parliament is working on a bill that would legalize cryptocurrencies in the Eastern European country.
If passed, the bill will allow Ukraine’s citizens to legally declare and exchange cryptocurrencies, and it will also increase guarantees for crypto buyers, according to Ukraine’s Deputy Minister of Digital Transformation Oleksandr Bornyakov.
In an interview with the Borderless Bitcoin Traveling Show last month, Bornyakov said that the current legal framework around cryptocurrencies in Ukraine is “neutral.”
“It’s not prohibited, but at the same time it’s not allowed. This actually was the major task for us because of this reason. It means we should step in and create a legal framework for that reason, so banks and other government institutions would recognize [crypto] as a part of civil rights [and] of economic value.”
Under the new bill, cryptocurrency projects would not require registration as a legal entity in Ukraine, but they would require a work permit, according to Bornyakov.
“Guarantees for Ukrainian cryptocurrency buyers will increase due to the fact that certain cryptocurrencies will receive a work permit in Ukraine, and accordingly we will check them and make sure that they work in good faith.”
By obtaining permits, companies would provide proof of “the necessary amount of capital” and show that none of the project’s founders are on sanctions lists, says Bornyakov.
Ukraine’s government currently holds 46,351 Bitcoin, worth $2,006,268,948 at time of writing, according to Buy Bitcoin Worldwide.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock