The Rada is preparing a law on the crypto currencies

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crypto currencies

The Verkhovna Rada of Ukraine has registered a new draft law on the circulation of virtual assets that will legalize the crypto asset market. It was developed by experts from the Ministry of Digital Transformation together with MPs.

“This is one of the most dynamic sectors, without which it is difficult to build a powerful digital economy. Together with MPs and business, we have developed draft law No. 10225-1 on the circulation of virtual assets in Ukraine,” says Vice Prime Minister, Minister of Digital Transformation Mykhailo Fedorov.

The law will help to create favorable conditions for the development of the crypto industry, increase budget revenues and improve the investment attractiveness of Ukraine.

Why the new law is needed

Draft law:

  • defines the legal status of virtual assets;
  • categorizes digital assets and services in the field that are adapted to the European Crypto Asset Regulation Standards (MiSA);
  • will create an innovation zone, where you can work for three years without prior authorization;
  • adapts the FATF recommendations on financial monitoring of the crypto asset market.

The draft law also provides for simple and clear tax conditions for businesses operating in the field of virtual assets.

The Rada is expected to support the draft law and help develop new digital industries. After all, business support is the foundation of Ukraine’s economic growth.

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