Ukraine Adopts New Law To Legalize Bitcoin And Other Cryptocurrencies

More governments are acknowledging the staying power of cryptocurrencies like bitcoin. Ukraine is the latest to join the growing list of countries that have legalized crypto. Just this week, El Salvador became the first country to adopt bitcoin as legal tender. Two weeks ago, Cuba passed a law to recognize and regulate cryptocurrencies, citing “reasons of socio-economic interest.” Panama is also drafting new cryptocurrency regulations. Related Reading | Panama To Recognize Bitcoin As Payment Alternative, Issues New Regulations In a nearly unanimous vote, the Parliament in Ukraine passed a law to legalize cryptocurrency. Earlier last month, there were reports of a new cryptocurrency-related bill that would allow payments in cryptocurrencies. As of then, the bill was being prepared in the parliament for the second reading, according to a local report. On Wednesday, however, the Ukrainian Parliament adopted the draft law “On Virtual Assets”. Thus legally recognizing cryptocurrency in the country for the first time. The law will enter into force after lawmakers approve amendments to the country’s tax code about the taxation of cryptocurrency transactions. Although, the Ukrainian legislature is yet to vote on these changes. This news comes after Ukrainian President Volodymyr Zelensky signed the law On Payment Services, another digital currency-related law. The law officially allowed Ukraine’s central bank to issue ...