Skip to main content

New Ukrainian Lawmakers Okay's And Legalizes 'Virtual Assets' / Digital Currency



The Ukraine lawmakers have passed new legislation bill that legalizes cryptocurrency  this law moves the country to a demanding compliance to the international anti-money laundering (AML) regulation standards.

According to Forklog a media outlet, the Ukraine’s legislative arm, have adopted a new bill that incorporates international AML best practices into the country’s crypto regulatory framework.

The newly passed legislation sees cryptocurrencies being classified as property in Ukraine.
whence, virtual currency owners can use their digital holdings as a medium of exchange giving room for legalized trading, collateral, payments, investments,transfers and transactions across the country.

INDIVIDUALS ELIGIBLE CAN PROVIDE CRYPTOCURRENCY PAYMENTS AND SERVICES


More details of the new law will include provision for private individuals to act as crypto money transmitters and custodians. these services will operate in compliance with financial monitoring and reporting standards prescribed by the  adopted bill.

The news of the legalization of cryptoasset payments comes on the heels of an announcement by the country’s Ministry of Digital Transformation of its partnership with a Belarusian crypto exchange. As reported by Bitcoinist, the move aims to learn from the Belarusian experience in creating a legal framework for payments and virtual currency adoption in general.

By legalizing crypto payments, Ukraine appears to have taken a significant step in encouraging local virtual currency commerce in the country. in the Q1 of 2019, the city of Kyiv announced that it was considering allowing bitcoin payments in its public transport system

THE FINANCIAL ACTION TASK FOR COMPLIANCE

By adopting this new regulatory standards for cryptocurrency payments, the country is also complying with the guidelines introduced by the inter-governmental Financial Action Task Force (FATF). Since the start of 2019, the FATF has been keen on directing member nations to enact more stringent regulatory provisions.

with this development coming from the Ukraine legislative arm, being the first country to pass into law the legal apparatus for cryptocurrency payments, 2020 will see more countries taking position as well to try out the opportunities provided by cryptocurrencies.

what do you think about the newly passed bill by the Ukraine government, and what other countries do you think will follow the trend?
let us us know your thought in the comment section.

Comments

Popular posts from this blog

  Pick a niche The Blockchain and Crypto space is large and full of opportunities. Most people limit the industry to just a place to trade and make quick cash little do they know that you can actually build a career and achieve much more. There's a lot of skills required in blockchain technology. Firstly, you can become a trader, a day time trader or night trade it all depends on your schedule. You can actually make 10 to 20% of your capital daily or even more depending on the volume of your capital and trading strategy. you can become an investor who spots good coins and invests in a project you believe will do well, you can hodl, meaning you can buy and hold for short or long term period.  OTC trading is actually underrated, you can become an over the counter trader by just buying and selling cryptocurrency through the P2P Platforms or escrow groups, there's a lot of money to be made here if you move volumes on a daily. You can become an expert in technical analysis and give
WHAT YOU NEED TO KNOW ABOUT  NON FUNGIBLE TOKENS NFTs (or "non-fungible tokens") are a kind of digital asset with a unique kind of token-unlike other assets like bitcoin and dollar bills which have a particular and fixed amount that is accepted by all, NTFS have a unique price for every token. Every NFT is Unique, they can be used to authenticate ownership of digital assets like musical records, artwork, virtual real estates and pets. NFTs could be likened to a kind of certificate of authenticity for digital artefacts. They're are actually been used to sell a huge range of collectables currently including: *A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban. *Video art by Grimes *The Original "Nyan cat" meme *Virtual real Estate in a place called Decentraland  and others...   As other digital assets like Bitcoin and other cryptos has grown in popularity over the years, NFTs have also soared — growing to an estimated $338 million in 2020. Each NFT is s

Understanding Tokens And Coins

WHAT ARE COINS AND TOKENS In cryptocurrency, coins are native to their own blockchain, Which are often used as money. whilst tokens have been built on another blockchain like Ethereum or waves. Entering the cryptocurrency market can be complicated, hearing about bitcoin and a thousand other coins that exist could also be a strong bone to swallow at a time. Thus in other to have a smooth ride in the space, first identify the difference between a coin and a token. what is a coin? : Coins refer to any cryptocurrency that has an independent blockchain-like bitcoin. These cryptocurrencies are built from the scratch. Bitcoin exists as a censorship-resistant store of value, and medium of exchange that has a secure, fixed monetary policy. Making bitcoin the most liquid cryptocurrency in the market and has the highest market cap in the cryptocurrency sector. Ethereum is another example of a coin, ETH is the native coin of the Ethereum ecosystem and smart contract platform for creating general-