Eternity Law International News Legalized crypto trading in Ukraine

Legalized crypto trading in Ukraine

Published:
September 21, 2022

Adopting the bill in the 2nd reading, the Ukrainian Parliamentarians has efficiently launched the process of legalization of the national crypto-asset market, which had previously operated outside the law due to the lack of appropriate regulative mechanisms. By recognizing cryptocoins, crypto exchanges and other VASPs are eligible to form business relationships with banking institutions. Generally, as informed by authorities, legalized crypto trading in Ukraine has many advantages for a local digital economy sphere.

Legalization of crypto trading in Ukraine: new regulative regime

Free access to financial services could encourage foreign cryptofirms to establish their presence in the Ukrainian market, which could contribute to transforming the country into an extensive hub for cryptocoins and new technologies. Accordingly, shortly foreign and Ukrainian services regarding the turnover of cryptocoins, particularly, crypto exchanges, will be capable of operating in the jurisdiction.

Indeed, the Ukrainian market is currently well-established and large if estimated on a worldwide scale. Development of the crypto sector is among the Ukrainian government’s first priorities, as the primary purpose of such movement is to establish workable regulative and tax frameworks for carrying out crypto services in the country and staying compliant with the norms of EU requirements in this field.

Foreign exchanges legally entering the Ukrainian market, could also mean a lot for the creation of an attractive environment for flows of foreign investments into the country’s digital economy. With strict regulative regulations entering force in some other legal systems, Ukraine’s recognition of digital assets could drive blockchain-based businesses to enter its market.

Providers of services related to cryptoassets seeking to capture a share of the market under the new regulatory paradigm will be required to submit data about their ownership structures. Accordingly, only “fit-and-proper” operators with good business behavior will be allowed to open their organizations in the Ukrainian market.

Current regulatory changes

In August 2022, the Ukrainian Security Service closed a net of illicit businesses considered to be engaged in illicit financial activities since 2021. These organizations were directing money from restricted Russian payment processors.

The Ukrainian government plans to lay down monitoring protocols for such service providers to show compliance with AML policies. The NBU has also demonstrated its commitment to establishing fair crypto rules in the country. With the Parliament bringing cryptocoins into legal oversight, the NBU stated it would control and assess the risks related to the fast-paced adoption of cryptocoins in the country with a particular emphasis on stablecoins which have become a subject of substantial regulative focus in many countries, including the USA.

Please contact us to get more information.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

EMI license in Sweden

Introduction Sweden has emerged as a financial technology (FinTech) haven in recent years, attracting innovative companies from around the globe. A vital component of this FinTech ecosystem is the Electronic Money Institution (EMI) license. This license empowers businesses to operate as financial institutions, offering electronic payment services and electronic money issuance. In this article, we...

Business and life in Croatia

Croatia attracts international investment due to its established infrastructure, stable political environment, and favorable investment climate. Additionally, Croatia might be a great place to immigrate for commercial purposes. However, there are many opportunities to buy a ready-made business or firm on the local market, so it is not essential to start from scratch. Thus we...

Crypto License in Germany

Germany isn’t only one of most trustworthy, commercially honest and strict in terms of compliance jurisdiction, but also a country that is committed to massive technological and financial development. Despite the fact that the status of a fairly conservative commercial space has been assigned to jurisdiction, this country strongly supports innovative solutions and tools, in...

E-wallets in 2020

E-wallets in 2020 are an urgent issue. An e-wallet is an analogue of a regular bank account and cards attached to it: there can be one or more of them. The difference between a regular bank account and an e-wallet is that a classic account allows you to use real funds, and an electronic one...

The entry of foreigners to Ukraine

The entry of foreigners into Ukraine in accordance with the prescribed standards of Ukraine and the state – the homeland of the immigrant. In addition, border crossing rules depend on the purpose of visiting Ukraine. RESIDENCE IN UKRAINIAN TERRITORY Until 2012, the nuances regarding the entry and residence of persons of foreign origin were regulated...

Crypto license in Sweden

Entrepreneurs who wish to obtain such a permit as a crypto license in Sweden may establish a company locally and make use of all benefits and privileges that blockchain technologies industry provides. To make establishment of Swedish cryptocurrency firms carefree and correct, we recommend that you contact specialists who know all the features of the...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7