Ukraine Developed a Legislative Framework for the Cryptocurrency Industry

The People’s Deputies of Ukraine finally adopted the law number 2179 “Draft Law on the Prevention and Counteraction of the Legalisation (Laundering) of Income”. There are a lot of points in this document, including one that claims cryptocurrencies are now a means of payment in Ukraine. Important to note is that this law draft was registered back on September 25, and further developed. The people's representatives adopted it in the first reading on November 1, and it was sent for revision once again. After all, this law was finally adopted on December 6, 2019. This is a great event for the country, as it will firstly help in the fight against corruption, and secondly, it will encourage the development of the digital economy in Ukraine. The Ministry of Digital Transformation will regulate this industry. Now every cryptocurrency transaction exceeding $1,000 will be verified. 246 deputies supported this law, 17 people were against, and 59 deputies abstained from voting. The full text of the law is published on the official website of the Verkhovna Rada of Ukraine. The new Government of Ukraine is interested in the development of the cryptocurrency industry, both President Vladimir Zelensky and Deputy Prime Minister Mikhail Fedorov have repeatedly told this. Recall that the Ukrainian authorities signed a memorandum with the largest cryptocurrency exchange Binance.