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Ukrainian parliament formally signed into law a bill legalising Bitcoin and other cryptocurrencies, continuing its push towards becoming a European digital asset hub. One of the pivotal hurdles toward the full legalization of cryptocurrencies in Ukraine is taxation and, according to the head of the Tax Committee of the Verkhovna Rada The new law, which received the president’s signature on Wednesday, will allow foreign and Ukrainian crypto exchanges to operate legally in Ukraine in what is being Ukraine’s Bitcoin bill enables the peer-to-peer currency to emerge out of a “gray” zone with the establishment of clear-cut legislation that encompasses how the asset In an incredible set of events, the Government of Ukraine has passed a law that legalizes Bitcoin and other cryptocurrencies. The law, which was voted mostly in favor Ukrainian President Zelensky has signed a bill making bitcoin and other cryptocurrencies legal, establishing regulatory agencies and investor protections. More than $100 million worth of cryptocurrency has now been donated to Ukraine since Vice Prime Minister Mykhailo Fedorov publicly called for funds to “contribute to

Ukraine Legalises Bitcoin and Cryptocurrencies: Paving the Way for a Digital Asset Hub

In a significant move towards embracing the digital age, the Ukrainian parliament formally signed into law a bill legalising Bitcoin and other cryptocurrencies, continuing its push towards becoming a European digital asset hub. Ukrainian President Zelensky has signed a bill making bitcoin and other cryptocurrencies legal, establishing regulatory agencies and investor protections.

This landmark legislation, voted mostly in favor in parliament, marks a pivotal moment for the crypto industry in Ukraine. Ukraine’s Bitcoin bill enables the peer-to-peer currency to emerge out of a “gray” zone with the establishment of clear-cut legislation that encompasses how the asset is treated legally. The new law provides a legal framework for Virtual Assets Service Providers (VASPs) and clarifies the legal status of cryptocurrencies within the country.

What Does Legalisation Mean for Crypto in Ukraine?

The new law, which received the president’s signature on Wednesday, will allow foreign and Ukrainian crypto exchanges to operate legally in Ukraine in what is being seen as a major boost for the country's economy. This creates a more transparent and regulated environment for crypto businesses and investors alike. Crucially, the legislation also aims to protect investors from fraud and manipulation.

Taxation: The Next Hurdle

One of the pivotal hurdles toward the full legalization of cryptocurrencies in Ukraine is taxation and, according to the head of the Tax Committee of the Verkhovna Rada, further legislation is needed to define the tax implications of crypto assets. This will be essential for ensuring the long-term sustainability and growth of the crypto market in Ukraine.

Crypto Donations to Ukraine

Since the onset of the conflict, cryptocurrency has played a vital role in supporting Ukraine. More than $100 million worth of cryptocurrency has now been donated to Ukraine since Vice Prime Minister Mykhailo Fedorov publicly called for funds to “contribute to” humanitarian efforts and defense.

In conclusion, in an incredible set of events, the Government of Ukraine has passed a law that legalizes Bitcoin and other cryptocurrencies, signaling its commitment to innovation and its ambition to become a leading European digital asset hub.

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