Ukraine Legalized Bitcoin – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

Today, the Ukrainian Parliament passed a law that legalizes and regulates bitcoin in the country. The bill drafted in 2020 passed with a total of 276 lawmakers supporting the law, and only six against it.

The main purpose behind this bill seems to provide clarification on the asset and protect those who own bitcoin, as it was not previously legal or illegal in the country. Though not illegal, Ukrainian law enforcement agencies treated bitcoin and other virtual currencies as a scam, resulting in bitcoin businesses getting raided, according to Kyiv Post.

Now that this bill is passed, courts can now properly protect individuals and businesses, since it provides tax clarity and officially allows bitcoin businesses to operate within the country. It also sets some guidelines for how Ukraine may try and regulate bitcoin more in the future.

This bill gives the citizens “permission” to own and trade bitcoin and other cryptocurrencies on exchanges. The bill also gives clarity on wallets and what private keys are.

The Parliament is expected to pass and amend their tax and civil codes before the end of the year to officially “open the market” for businesses and investors, according to a Ministry of Digital Transformation spokesman who spoke to the Kyiv Post.