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Bitcoin, Ukraine Follows El Salvador: Legalized The Cryptocurrency And Protected Users

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A few days after the entry into force of the Bitcoin in El Salvador, the Ukrainian Parliament passed almost unanimously a law that legalizes and regulates the cryptocurrency in the country.

The European nation is the fourth largest in the world to regulate the cryptocurrencies market. The measure, proposed in 2020 by President Volodymyr Zelenskyy, provides for a series of less extreme rules than in El Salvador where virtual currency is in effect accepted as the US dollar.

In fact, Bitcoin cannot in any way be used as an official currency for the payment of goods and taxes, although the process started provides for 100% entry into force by 2022, like El Salvador.

The definition of virtual currency, which is described as “material asset expressed as electronic data,” is also introduced in the legislation approved. The news also concerns exchange platforms and in general all activities that offer services related to cryptocurrencies in the nation: these will have to submit to Ukrainian taxation and have a seat in the country, as well as requiring an explicit license that will testify that the This means that Ukraine wants to ensure greater security for users who decide to invest in cryptocurrencies.

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