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Ukraine is Ready to Embrace Cryptocurrencies

Ukrainian President Volodymyr Zelensky signed a crypto-related law titled On Payment Services in July. The Law On Payment Services enabled the country’s central bank to issue a central bank digital currency, the digital hryvnia. Lawmakers and officials went even further and prepared a new crypto-related law. The country’s draft bill on virtual assets will allow payments in cryptocurrencies like Bitcoin. They will still, however, not recognize crypto as legal tender.

Oleksandr Bornyakov thinks that it would be “quite legal to pay with cryptocurrencies” in Ukraine through payment intermediaries that enable crypto-to-fiat conversions. Deputy Minister of Ukraine’s Ministry of Digital Transformation noted that the bill states that cryptocurrencies don’t constitute legal tender in the country. Nonetheless, the bill on virtual assets stipulates that local payment processors would still be able to provide services for converting crypto to fiat to enable payments deriving from crypto.

The country’s draft bill on virtual assets will officially legitimize the process of cryptocurrency trading and reporting. The country’s Ministry of Digital Transformation recommended the adoption of an updated draft bill in late June. Local e-bank Monobank already unveiled plans to launch a debit card featuring Bitcoin trading.

The draft bill provides for the establishment of a new regulatory body- the National Service for Regulation of Virtual Assets. The fully independent state agency will issue permits for crypto companies operating in the country. Regulators that already operate in Ukraine such as the Ministry of Finance will have their own responsibilities as well.

Last but not least, the bill about crypto taxation and the respective amendments to the Tax Code are still under consideration. They will in fact, likely be submitted to the country’s parliament in September. Ukraine has the potential to make cryptocurrencies more popular among its citizens thanks to such laws.

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