In a final reading, the country's parliament approved a revised measure to legalize bitcoin and other cryptocurrencies.
Bitcoin is officially legal in Ukraine, after the country's parliament passed a measure in final reading that complies with the president's guidelines. The country, however, has not made bitcoin official tender.
Ukraine's digital transformation minister, Mykhaylo Fedorov, states,
"The new law provides an additional chance for our country's economic progress. Foreign and Ukrainian crypto firms will be able to operate lawfully, and Ukrainians will have easy and secure access to the world market for virtual assets."
According to an official statement, the Ukrainian parliament ratified the new Law on Virtual Assets on Thursday with more than 270 votes.
The bill lays out the rules that Bitcoin service providers, such as exchanges, must follow, as well as the penalties for breaking the law's terms. It also establishes that the country's National Securities Commission would oversee the cryptocurrency market.
The Securities Commission of Ukraine will be in charge of giving permits to Bitcoin and cryptocurrency service providers, as well as market supervision and financial monitoring, according to the statement.
Ukraine submitted a similar cryptocurrency bill in September, but President Volodymyr Zelensky rejected it the following month, claiming that the country couldn't afford to create a separate regulatory agency for Bitcoin and cryptocurrency.
President Zelensky then sent the law back to the Ukrainian parliament, along with his recommendation that the booming sector be overseen by existing regulators. Parliament has now taken his suggestions into account and passed the modified measure.