New Bill in Ukraine to Finally Let Crypto Firms Open Bank Accounts

[SRShanuka2020]

New Bill in Ukraine to Finally Let Crypto Firms Open Bank Accounts

Ukraine is getting closer to providing a legal status for cryptocurrencies like Bitcoin (BTC) with a new draft bill published on Monday.

On May 18, the Ministry of Digital Transformation of Ukraine published a new draft bill “On Virtual Assets” that aims to determine the legal status of crypto assets, rule of their circulation and issuance in the country. The current version of the bill is not final and is open for discussion by the crypto community until June 5, 2020.

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[Fenix]

The bill on virtual assets is being developed in Ukraine in accordance with the FATF recommendations of June 21 last year and is aimed at combating money laundering and terrorist financing when using cryptocurrency. Ukraine has not yet adopted any laws on the regulation of cryptocurrency, although the legislative body of the country, the Verkhovna Rada, already has about five generally good bills to regulate it. In general, this bill is not bad, the registration of virtual service providers in the relevant state bodies is necessary in order to avoid massive fraud and other abuses when working with cryptocurrency. Legislators and the government of Ukraine are cryptocurrency friendly, therefore, the adopted laws on the regulation of cryptocurrency should secure the right of citizens to use it under optimal conditions.