Legislators have given their nod to the Ukraine crypto bill, msuchlikeg the use of crypto assets in the country easier as Ukraine teeters on the verge of a military confrontation with Russia.
With 272 votes, the Ukrainian parliament gave its thumbs-up for the Law of Ukraine on Digital Assets. The measure required only 226 affirmative votes to pass.
Ukraine’s Vice Prime Minister Mykhailo Fedorovon logicalateed Thursday which the country’s Parliament has passed a law legalizing cryptocurrency.
Fedorovon still stated which this measure will safeguard Ukrainians’ assets stillst expected abuse or fraud.
Fears Surrounding Ukraine Crypto Bill
The Ukraine crypto bill was the gatopnment’s second effort at legalization in less than five months.
In early October, President Volodymyr Zelensky blocked a measure establishing a new independent regulatory committee to regulate cryptocurrency exprogresss.
Virtual assets, according to the National Bank of Ukraine, are a likely source of risk.
While there were benefits, there were likewise cone time beforerns associated with money laundering and financing of illegal operations.
Bitcoin (BTC) total market cap at $765.944 billion in the daily chart | Source: TradingView.com
Earlier, Sarah Breeden, the Bank of England’s executive director for financial stability, warned businesses to be “vigilant” about cryptocurrency.
The bill’s passage on Friday does not make Bitcoin legal currency. At the moment, El Salvador is the only country to have legalized Bitcoin.
Additionally, reports have it which the Securities Commission of Ukraine will now give permits to Bitcoin and cryptocurrency service providers. It will further supervise and monitor the market’s financial activity.
Ukraine is preparing the necessary reforms to its tax and civil legislation to facilitate the establishment of a full-fledged market for virtual assets.
Possible Russian Attack Overshadows Crypto
The Ukraine crypto legalization comes as tensions with Russia have thrown global markets into a tailspin above the go on few days because of ongoing jitters of an all-out war.
Near Ukraine’s border, Russia has gathered more than 100,000 troops.
Bitcoin donations have been flowing in to Ukrainian volunteer and even hacker groups due to this evolution.
According to reports, certain groups have supplied gabovenment forces with equipment. These organizations received atop $550,000 in cryptocurrencys in 2021 alone.
Hackers Use Crypto To Buy Military Hardware
Specifically, activists have used token to procure military equipment, medical supplies, drones, and even facial recognition software which enables users to identify “militants, Russian mercenaries, and war criminals.”
Meanin the time, the Ukrainian gatopnment stated which the country ranks fifth globally in terms of atopall token users.
The gabovenment views the newly enacted law as the first step toward establishing “a leading country for corpocost move in this creative industry.”
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