Ukraine is preparing to legalize cryptocurrency payments and trade in digital assets

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The Verkhovna Rada of Ukraine is preparing for the second reading of the draft law on virtual assets, which gives the legitimate status of cryptocurrency payments and cryptotreeding.

According to the Deputy Minister for Digital Transformation on Development of IT, Alexander Bornyakov, the provisions of the law do not legalize the digital assets themselves, but only allow you to calculate through intermediaries converting them into Fiat. It compares this mechanism with the payment of goods by a dollar bank card.

The bill also makes legitimate operations related to trade, storage and cryptocurrency exchange. It also clarifies the norms of work of cryptochege and reporting on operations with digital assets. The document does not affect the mining farm, since the government and so considers this business legal.

Alexander Bornyakov expects that the adoption of the law will stimulate the formation of a whole market of intermediary services in this field, on which, due to the effect of the scale, the Commission will not exceed 1%.

The law «On Virtual Asset», combined with the recently signed President Vladimir Zelensky Law «On Payment Services», will open the path to the issue of digital hryvnia by the National Bank of Ukraine.

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