The Ukrainian parliament voted in favor of a Virtual Assets Bill Thursday that grants legal status to all cryptocurrencies and virtual assets. The bill received 300 votes in its favor and only two votes against it.
The bill establishes a basic regulatory framework for all virtual assets in Ukraine. It refers to cryptocurrencies such as Bitcoin and Ethereum under the term “virtual asset,” defined as any asset that cannot already be legally used as a payment instrument or traded for other assets, products, or services.
In addition to laying the legal groundwork for incorporating crypto assets into Ukraine’s financial and regulatory systems, the bill also confirms citizens’ rights to hold and use cryptocurrencies and defines the rights and duties of all cryptocurrency market participants.
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Ukraine is the latest country to adopt a legal framework for crypto assets.
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