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Breaking :Ukraine Parliament Passes Law To Legalize Cryptocurrency | Lifestyle ,Gossip & Entertainment
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Breaking :Ukraine Parliament passes law to legalize cryptocurrency

A draft law legalizing and regulating cryptocurrency and other virtual assets like tokens in Ukraine has passed the parliament in the second reading on Sept. 8.

Cryptocurrencies have been neither legal nor forbidden in Ukraine because there were no laws that defined them. Ukrainians could buy and exchange virtual currencies, but local courts couldn’t protect them if something went wrong.

 Ukraine
Ukraine

If signed by President Volodymyr Zelensky, the law will protect the owners of virtual assets and exchange platforms from fraud. It will also determine how Ukraine will regulate the cryptocurrency market in the future.

Ukraine plans to open the cryptocurrency market for businesses and investors by 2022, a pressperson from the Ministry of Digital Transformation told the Kyiv Post, but the parliament has to pass a set of laws and amend the Tax Code and the Civil Code first.

The bill approved on Sept. 8 is crucial in this process, experts said. It defines virtual assets as intangible assets expressed in a form of electronic data. It also explains what a wallet for virtual currency and a private key is — these terms have never been used in Ukraine’s legislation.

Although virtual assets are now legitimate in Ukraine, Ukrainians cannot use them as a means of payment or exchange for goods or services — only the official national currency, the hryvnia, has this power. However, Ukrainians can own, exchange and trade cryptocurrencies using local or foreign exchange platforms registered in Ukraine.

The law on virtual assets allows crypto businesses to work officially in Ukraine and pay taxes here. To register a crypto business, a company needs to prove that it is transparent and has an excellent reputation. The permission to start a business costs over $3,100. To prevent profit laundering and financial terrorism, crypto businesses have to declare their activity to the state.

Ukraine’s Ministry of Digital Transformation, as well as the National Bank of Ukraine and the National Securities Commission, are the main regulators of the virtual assets market, according to the law. The government also wants to create another regulator that will issue permits for crypto companies in Ukraine.

After passing the set of laws that regulate cryptocurrency and other virtual assets Ukraine wants to make this market more transparent and attract investment to the country.

Cryptocurrency is hugely popular among Ukrainians — the daily turnover of virtual assets in the country accounts for $37,000, according to Mykhailo Fedorov, Ukraine’s Minister of Digital Transformation. If cryptocurrency becomes legal and therefore safer, more Ukrainians will invest in it, Fedorov said.

“Only a few countries in the world have legalized crypto assets — Germany, Luxembourg, Singapore. Ukraine will be one of them,” he added.

Bitcoin Legalized in Ukraine the Latest Country To Adopt Crypto

Recognizing cryptocurrency is vital for the booming industry, experts said. “It will reduce stereotypical attitudes towards cryptocurrencies and will help them to become normal financial instruments,” according to Oleg Kurchenko, CEO of virtual asset exchange platform Binaryx.

However, experts are worried that too many rules could stifle innovation and put pressure on businesses. Some crypto investors could leave the country because they do not trust state initiatives, Kurchenko told the Kyiv Post.

Those who opt to stay hope that new legislation will reduce the number of unjustified raids on crypto businesses initiated by Ukraine’s Security Services. Ukrainian law enforcement agencies deem virtual money a scam and conduct raids of the businesses, often confiscating expensive equipment without any grounds.

The country doesn’t have a state register of data centers used for crypto mining yet, thus many specialists work in shadow or move abroad to avoid raids.

According to Fedorov, the new law will change this. “Favorable conditions will allow companies to register in Ukraine, rather than abroad. The entrepreneurs will pay taxes to the budget, but will be protected by the state,” he said.

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  152. My programmer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using Movable-type on numerous websites for about a year and am nervous about switching to another platform. I have heard very good things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any kind of help would be really appreciated!

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  154. With havin so much content and articles do you ever run into any problems of plagorism or copyright violation? My website has a lot of exclusive content I’ve either authored myself or outsourced but it appears a lot of it is popping it up all over the web without my agreement. Do you know any methods to help reduce content from being ripped off? I’d definitely appreciate it.

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  156. Hey there would you mind stating which blog platform you’re working with? I’m looking to start my own blog in the near future but I’m having a tough time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I’m looking for something completely unique. P.S My apologies for getting off-topic but I had to ask!

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  160. With havin so much written content do you ever run into any problems of plagorism or copyright violation? My website has a lot of exclusive content I’ve either authored myself or outsourced but it looks like a lot of it is popping it up all over the web without my authorization. Do you know any techniques to help protect against content from being ripped off? I’d definitely appreciate it.

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  172. My programmer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using Movable-type on numerous websites for about a year and am worried about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any kind of help would be really appreciated!

  173. I was wondering if you ever considered changing the layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two images. Maybe you could space it out better?

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  180. My programmer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using Movable-type on a variety of websites for about a year and am nervous about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any kind of help would be really appreciated!

  181. My coder is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using Movable-type on numerous websites for about a year and am anxious about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any kind of help would be really appreciated!

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  188. First off I want to say superb blog! I had a quick question in which I’d like to ask if you don’t mind. I was curious to know how you center yourself and clear your mind before writing. I have had a difficult time clearing my mind in getting my thoughts out. I do enjoy writing but it just seems like the first 10 to 15 minutes are usually wasted just trying to figure out how to begin. Any ideas or tips? Thanks!

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  190. Hey there! I realize this is kind of off-topic but I had to ask. Does building a well-established blog like yours take a lot of work? I’m completely new to blogging but I do write in my diary on a daily basis. I’d like to start a blog so I will be able to share my experience and views online. Please let me know if you have any suggestions or tips for new aspiring bloggers. Appreciate it!

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  192. Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.

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