Ukraine legalizes cryptocurrency assets

0 Comment(s)Print E-mail Xinhua, September 9, 2021
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KIEV, Sept. 9 (Xinhua) -- The Ukrainian parliament approved the virtual assets law in the second reading thus legalizing the assets in cryptocurrency, authorities said on Wednesday.

The law was supported by 276 members of the parliament, with the minimum necessary number at 226 votes.

"Ukraine is one of the leaders in the use of cryptocurrency in the world ... We are creating a top jurisdiction where crypto companies will have transparent relations with the state, convenient work with the regulator and favorable taxation," Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov wrote in his social media channel.

According to the minister, the daily turnover of virtual assets in Ukraine reaches 1 billion hryvnia (about 37.5 million U.S. dollars), while all the transactions are a part of the shadow economy, and no taxes are paid on transactions with virtual assets.

"Thanks to the law, this will be settled. Favorable conditions that will allow companies to register in Ukraine and not abroad will be created. The budget will receive taxes, and entrepreneurs (will) feel protected," said Fedorov.

Currently, only a few countries in the world have legalized crypto assets, such as Germany, Luxembourg and Singapore. Enditem

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