Depending on the country, the legal status of v remains a diverse pool of regulatory stances. While some nations move towards comprehensive restrictions or strict controls, others choose to adopt a more open cryptographical approach.
The second approach seems to be the case in Ukraine, where the government encourages authorized cryptographic activities across Ukraine. Ukraine’s apparently favorable attitude to cryptocurrencies also contrasts sharply with neighboring Russia, where officials impose legislative barriers against digital currency ownership and usage.
While the Ukraine passes crypto-recognition regulations, the central bank also works on its own domestic digital currency. CBDC projects have grown popular worldwide and are frequently a reaction to the growth of cryptocurrencies. CBDC projects are now quite important.
Some nations like China and Nigeria have been aware of anti-crypt legislation with CBDC intentions. Global financial institutions including the International Settlement Bank have called for countries to adopt CBDCs to stop “private” cryptocurrencies spreading.
Cointelegraph reported in earlier September that the Ukrainian Parliament has accepted “Virtual Assets” draft legislation in the Ukrainian Parliament. The legislative measures meant that the country was officially recognized for cryptocurrencies.
The draft bill adopted by the legislature was based on the cryptoregulatory guidelines defined by the Financial Action Task Force, according to a statement of the Ministry for Digital Transformation, Ukraine, on 8 September (FATF). As such, compliance with anti-money laundering measures is the recommendations provided in the new rules.
Oleksandr Bornyakov, deputy minister of the Ministry of Digital Transformation Ukraine, commented on the approval of the draft law and said that Government regulation was an essential step in the development and maturity of any growing industries, adding:
“Establishing a virtual assets policy in Ukraine will enable the creation of a legal space for Ukrainian and international VASPs to officially register their businesses. This is also relevant in view of the fact that Ukraine’s potential as one of the leading countries in the field of virtual assets is huge. So, there is a clear need for crypto adoption in Ukraine.”
The ministry of Bornyakov will be responsible for the implementation of the crypto-regulatory regulations in Ukraine. In conjunction with the central bank, the Ministry of Digital Transformation will also assist monitor the flow of cryptocurrencies around the country.
Lucia della Ventura, Legal and Compliance Manager for Ledgermatic, a specialist for treasury technology, commented during the discussion with cointelegraph on the legalization of cryptography in Ukraine: «The main objective of the Ukraine bill is to provide a safe place for Bitcoin and other cryptocurrencies in the country, now legally defined, with the rules to establish tsurvey
Della Ventura’s conclusion:
“With parliament’s green light for this law, individuals and companies are adequately protected as the bill provides more clarifications on financial aspects and officially allows cryptocurrency companies to operate within the country.”