Cryptocurrencies are regulated by law

The legal regime of virtual assets, market participants of virtual assets, their rights and obligations, services for the exchange of virtual assets are enshrined in law.

On September 8, the Verkhovna Rada passed the Law on Virtual Assets.

What are virtual assets?

A virtual asset is an intangible asset that is subject to civil rights, has value and is expressed in a set of data in electronic form. The existence and turnover of a virtual asset is ensured by the system of ensuring the turnover of virtual assets.

 A virtual asset can certify property rights, in particular claim rights to other objects of civil rights. The law defines the powers of the National Bank of Ukraine in the field of virtual assets, the powers of the National Commission on Securities and Stock Market in the field of virtual assets, the State Register of providers of services related to the circulation of virtual assets.

The law also amended a number of legislative acts. In particular, Section III of the Civil Code is supplemented by Chapter 151 “Virtual Assets”. “We are creating a top jurisdiction, where crypto companies will have transparent conditions of relations with the state, convenient work with the regulator and favorable taxation,” – said in connection with the adoption of the law, Deputy Prime Minister, Minister of Digital Transformation Mikhail Fedorov.

The official noted that in Ukraine the daily turnover of virtual assets is UAH 1 billion. “It simply came to our notice then. Because of this, international stock exchanges cannot enter Ukraine, – he noted. “Taxes are not paid on any transaction with virtual assets.”

This law will help attract investors to Ukraine, thereby increasing GDP and jobs, which will make the economy positive. Moreover, by this Law, Ukraine has legalized such a type of currency as cryptocurrency. Now cryptocurrency can be used in calculations, as well as enter into contracts paying for them with cryptocurrency.

Thus, at the moment, new opportunities are opening up in Ukraine for both Ukrainians and foreigners, experts predict a large number of assets that will enter Ukraine. Which will dramatically increase interest in the state.

The Immigration Law Office was established in 2007. It provides assistance to foreign clients in Kiev (KV), Odessa (OD), Dnipro (DP), Lviv (LV), Kharkiv (KH), Lugansk (LG) and Donetsk (DN) regions, Crimea (KR) and others regions of Ukraine.

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