Ukraine is the fifth country in as many weeks to lay down some ground rules for the cryptocurrency market, a sign that governments around the world are realizing that bitcoin is here to stay.
In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalizes and regulates cryptocurrency. The bill was set in motion in 2020 – and it now heads to the desk of President Volodymyr Zelensky.
Until today, crypto in Ukraine has existed in a legal gray area.
Locals were allowed to buy and exchange virtual currencies, but companies and exchanges dealing in crypto were often under close watch by law enforcement.
According to the Kyiv Post, authorities have trended toward taking a combative stance when it comes to virtual cash, regarding it as a “scam,” raiding crypto-related businesses, and “often confiscating expensive equipment without any grounds.”
In August, for example, the Security Service of Ukraine (SBU) blocked a network of what it called “clandestine cryptocurrency exchanges” running in the capital city of Kyiv. The SBU claimed these exchanges were facilitating money laundering and providing anonymity of transactions.
The new legislation also spells out certain protections against fraud for those who own bitcoin and other cryptocurrencies, and in a first for the Verkhovna Rada, lawmakers have taken a stab at defining core terminology in the world of crypto. If signed by the president, virtual assets, digital wallets, and private keys are terms that will be enshrined in Ukrainian law.
Crypto. The buzzword you hear everywhere from the news to friends hyping it up. Has the craze gone mainstream and reached businesses?
Big names like Microsoft, AMC, Starbucks, and AT&T are in, but what do small businesses think? The Strawhecker Group (TSG) used new survey data from nearly 600 small businesses in the U.S. to illustrate their knowledge, attitudes, and acceptance of cryptocurrency.
Download the infographic
Payments professionals across the ecosystem will find this infographic to be a great resource as the market continues to evolve. Are you working with merchants on a crypto strategy?