The virtual banknote will soon be legal in Ukraine. Ruslan Magomedov, head of the National Securities and Stock Market Commission, said in a comment to UNN that the bill has been sufficiently developed and can and should be adopted by the Verkhovna Rada. The purpose of legalization is to launch the virtual asset market.
Namely, for the law on virtual assets, which was adopted and signed by the President back in 2022, to come into force. There is a provision that postpones the entry into force of this law. As they say, this requires amendments to the Tax Code that will describe the taxation of transactions with virtual assets
Cryptocurrencies will enable the state to create a new industry that will become a significant source of revenue for the state budget and will also protect investors in this instrument. As for business, it will receive transparent rules of the game. People will be able to display the results of virtual trading and transactions officially.
Crypto is very popular now, and we all know the attitude of the leadership of one of the world's largest economies, the United States. I think that many countries will now reconsider their attitude to this industry, and we have all the makings to become a leader. Because now many people in Ukraine, individuals, are engaged in this and work with crypto. But there is no such opportunity for legal entities, because it is not described or regulated in any way. And individuals cannot properly report their results of trading in virtual assets
Another important factor in the implementation of the draft law is that it was created on the basis of MiCA, a European Union regulation that helps regulate virtual assets in the EU, protecting both investors and users.
"When we developed the framework that is now being used by parliamentarians to draft the law, we took the MCA as a basis, but made sure that all its norms were acceptable for the domestic market. All the figures regarding fines, capital ratios, they will be in line with the realities. This is done so that the market can work in the conditions of the Ukrainian economy."
The law on legalized cryptocurrency is expected to be considered by MPs in the first reading this quarter. Its full adoption is planned for this year.
Recall
UNN has prepared a series of publications in which we talked about digital currencies and their possibilities. Our first material was devoted to the technology underlying cryptocurrencies - the blockchain: "Crypto for Dummies". Part 1: What is blockchain and its "features" that few people know about.
The second article is about bitcoin halving: "Crypto for Dummies". Part 2: What is halving and why is it causing a stir in the cryptocurrency market.
Third material: Crypto for Dummies. Part 3: step-by-step instructions on how to buy a crypto coin.
The fourth material: Crypto for Dummies. Part 4: What are coins and tokens and what are their differences.
Fifth material: "Crypto for Dummies". Part 5. Cold and hot wallets
Sixth material: Crypto for Dummies. Part 6. Security when using cryptocurrency exchanges and exchangers
