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- The legal framework was developed to give rights to Ukrainians to give property rights
- The regulation regulates prison members of the family bobbing up in reference to the turnover of digital belongings in Ukraine
The Parliament of Ukraine, the Verkhovna Rada has given a nod to the virtual assets bill to make it legal in the country. The parliament will be making regulations so that the virtual assets can be used by the citizens legally.
As per the Ukrinform, 276 MPs voted for the document at its second reading and its entirety on Wednesday. The law regulates legal relations arising in connection with the turnover of virtual assets in Ukraine. It defines the rights and obligations of participants in the virtual assets market. The bill also talks about the principles of state policy in the field of virtual assets turnover.
According to the note to the bill, all the exchanges operating in the country will be legalized. Blockchain companies can legalize their business processes and officially work with the banking system. In addition, this possibility can be given to the residents who get hold of earnings from transactions with digital assets.
Legal framework
A legal framework is also developed to work in the crypto market. Determines the legal status, classification, belongings rights, and different key legal definitions. It determines the list of professional service providers in the crypto market and their registration.
The Ministry of digital transformation of Ukraine will be the regulator of the virtual assets market, as per the document. A committee on the digital transformation of Ukraine will also be formed. In some cases, the National Bank of Ukraine and the National Securities and Stock Market Commission will also be a part of the regulating authorities.
According to the note, there will be prosperity and the development of the new industry will begin by granting legal status to the cryptocurrency market. It will increase the revenues to the state budget through taxes.
Ukrainians may be given the right to tokenize belongings rights and could get the judicial safety of rights to digital assets. International cryptocurrency will legally operate on Ukrainian territory.
Bill No. 3637 is turned into support by the Parliament at its first analyzing closing 12 months and finalized according to amendments submitted by the MPs. On April 28, 2021, the committee on virtual transformation advocated that the Verkhovna Rada undertake this invoice at its 2d reading.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
