Ukraine Legalizes Crypto despite War Fears

Ukraine Legalizes Crypto despite War Fears

272 Ukraine lawmakers approved the bill to authorize crypto in the nation. That comes despite the looming war between Russia and Ukraine.

On Thursday, the Ukraine parliament passed a law to make crypto legal and easy for individuals to interact with the asset class. The positive stance emerges amid war fears. The lawmakers approved the Virtual Assets Law with 272 votes.

After the law passage, deputy PM Mykhaio Fedorov went on Twitter, posting that Ukraine is in the top-five nations on crypto usage. He added that Ukraine made another step forward, with the parliament accepting a law on digital currencies. That means legalizing crypto and cryptocurrency exchanges. Moreover, citizens in the country may guard their assets against potential fraud.

The bill passage by Ukraine was the nation’s second trial to legalize BTC. The country had similar moves in October 2021 when authorities floated a bill for introducing an independent regulatory organization to monitor crypto exchanges. However, the president sent the bill for some adjustments, citing inadequate budget funding for not accepting the law at that time.

Nevertheless, Ukraine has had a more favorable stance on Bitcoin and the crypto market. That’s unlike nations such as Russia, which had the central bank proposing a complete ban on crypto. The news caught market players off-guard. However, positive remarks from the government eased the stress.

For now, Ukraine believes the new law on crypto will see the nation prospering in business development as far as the innovative field is concerned. However, beware that passing the law does not imply BTC is legal tender. The only nation that accepts Bitcoin as official money remains El Salvador.

Meanwhile, Bitcoin struggles with bearish trends today. The leading altcoin suffered a sudden plummet from levels of $44K, exploring $40,702 at this publication. BTC’s downbeat mode had top crypto assets going red. The global cryptocurrency market capitalization lost 5% over the past day. At this publication, the total market value of all digital coins stands at $1.85 trillion.

However, crypto fans seem used to Bitcoin’s roller-coaster fluctuations. Moreover, pundits remain bullish on the market. Furthermore, news such as Ukraine passing crypto law means the new asset class is here to stay.