As it turned out, the President of Ukraine signed a special law on cryptoсurrencies legalization. The National Bank of Ukraine and the National Commission on Securities and the Stock Market undertake to regulate this virtual money and establish the procedure for turnover. These authorities empowered to license the service providers.
According to the law, the minimum authorized capital of exchanges ranges from 42,000 to 210,000 dollars. The amount depends on whether the person is a resident of the country or not. Thus, citizens of Ukraine are now able to store their assets on local and foreign crypto exchanges legally. Banks accredit to officially open accounts for crypto organizations upon obtaining a license for the selected type of activity (brokerage, exchange, storage, etc.). Such a license is valid for one year.
The state guarantees judicial protection of the rights to online assets from possible fraud and abuse, so virtual property of Ukrainian residents granted with protection. Cryptocurrency still will not become a direct means of payment. Simply put, the adoption of the law does not provide for the conversion of Bitcoin into an official means of payment in the country, but acquiring operations will be allowed.
Many Ukrainian analysts consider the law development as a test sample of creation a digital hryvnia. Despite the fact that Ukrainians are one of the most avid users of cryptocurrency, experts predict that the legalization of digital currency implies many risks associated with the shadow economy.