Ukrainian President Volodymyr Zelensky has signed a law "On Virtual Assets" giving the local cryptocurrency market green light. The law describes that the National Bank of Ukraine and the country's National Commission on Securities and Stock Market will act as market's regulatory bodies.
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According to the Ministry of Digital Transformation, the law also determines the legal status and registration requirements for crypto services providers. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies, the ministry added.
However, the Ministry of Finance is yet to define amendments to the country's tax and civil codes to fully prepare the local finance market for cryptocurrencies. The Ukrainian parliament first adopted the draft law "On virtual assets" in September last year. Cryptocurrencies, according to the law, are recognized as an intangible benefit.
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