Ukrainian parliamentary body Verkhovna Rada supported the amendments of the Ukraine President Volodymyr Zelenskyy to the country’s law on virtual assets, creating a legal market for cryptocurrency and other virtual assets in the nation, according to a press release Thursday (Feb. 17).
After the vote, which was supported by 272 of the Rada’s 450 members, the National Securities Commission will regulate the virtual assets market in Ukraine.
“The new law is an additional opportunity for business development in our country,” the Rada said in its announcement.
Under the amended law, both foreign and Ukrainian crypto companies can operate legally in the country, and Ukrainians will have “convenient and secure access to the global market for virtual assets,” the announcement said.
Participants in the digital asset space will have legal protection in their transactions and will be given the opportunity to make decisions based on open consultations with government agencies.
“There will be a transparent mechanism for investing in a new asset class,” said Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov in the announcement.
Under the amended law, the National Securities Commission will formulate and implement a virtual assets policy, determine the order of circulation of virtual assets, issue permits to virtual asset service providers, and supervise and monitor the sector for irregularities or improprieties.
Related: Binance Looks For Larger Footprint in Russia
Last month, Binance said wants to expand its cryptocurrency exchange in Russia, even as that country’s central bank has called for stricter regulations on digital tokens.
Binance Eastern European Director Gleb Kostarev said the company is hoping Russia will take a progressive approach to regulating cryptocurrencies, which could in turn influence the actions of its neighbors.
Russia, which sees roughly $5 billion a year in crypto transactions, was of strategic importance for Binance, he said. The company recently named three new executives to positions in Russia and the Ukraine in hopes of strengthening its position in those nations.
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