Amid fears of war, the Ukraine parliament on Thursday voted to legalise cryptocurrencies, making it easier to use them. The Ukrainian parliament approved the passage of the Law of Ukraine on Virtual Assets with 272 votes.
Following its passage, the Ukrainian deputy prime minister Mykhailo Fedorov tweeted, “Ukraine is already in the top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted a law on virtual assets! This will legalise crypto exchangers and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.”
The passage of the bill was Ukraine’s second attempt to legalise bitcoin. A similar move was made by the Ukrainian parliament in October when the government floated a bill in the parliament for creation of a new independent regulatory body to oversee crypto exchanges.
The bill was sent back to the members by president Volodymyr Zelensky who proposed some changes and also cited lack of fundings in the budget for not approving the bill at that time.
The bill passed in the Verkhovna Rada – the Ukrainian parliament – on Thursday incorporated Zelensky’s suggestions. He recommended that Ukraine’s National Securities Commission, its National Bank and the Ministry of Digital Transformation will regulate cryptocurrencies.
The passage of the bill does not however make Bitcoin a legal tender, nasdaq.com said, citing a report by Bitcoin Magazine. The report also outlined that the National Securities Commission will now issue permits to Bitcoin and cryptocurrency service providers. It will also undertake supervision and financial monitoring of the market.
For some Ukrainians, cryptocurrency has become an essential tool in their fight against Russian fears of an invasion. A report by Elliptic, a crypto compliance solutions provider, showed that Ukraine received more than $500,000 this year as it drew closer to war with Russia.
The Ukrainian Cyber Alliance, Myrotvorets Centre and Come Back Alive are three groups which have lent support to the Ukrainian government amid the crisis and are among those who have helped the army and the government by crowdfunding sponsored by Bitcoins.
The Ukrainian groups have sent military equipment, medical supplies and drones purchased using Bitcoin to help bolster its strength in case of an all-out invasion, the report further highlighted.
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