Ukraine’s parliamentary body Verkhovna Rada has backed Ukrainian President Volodymyr Zelenskyy’s amendments to the country’s law on virtual assets, creating a legal market for cryptocurrency and other virtual assets in the country, according to a report. Press release Thursday (February 17).
After the vote, which was supported by 272 of the 450 members of the Rada, the State Securities Commission will regulate the market for virtual assets 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, foreign and Ukrainian crypto companies can legally operate in the country, and Ukrainians will have “convenient and secure access to the global virtual asset market”, according to the announcement.
Participants in the digital asset space will enjoy legal protection in their transactions and will have the ability to make decisions based on open consultations with government agencies.
“There will be a transparent mechanism to invest in a new asset class,” said the Deputy Prime Minister and Minister of Digital Transformation. Mykhailo Fedorov in the ad.
Under the amended law, the National Securities Commission will formulate and implement a policy on virtual assets, determine the order of circulation of virtual assets, issue licenses to virtual asset service providers, and supervise and monitor the sector to detect irregularities or irregularities.
Related: Binance Seeks Greater Presence in Russia
Last month, Binance says wants to expand its cryptocurrency exchange in Russia, even as that country’s central bank has called for tougher regulations on digital tokens.
Binance Eastern Europe Director Gleb Kostarev said the company hopes Russia will take a phased approach to cryptocurrency regulation, which in turn could influence the actions of its neighbors.
Russia, which sees around $5 billion a year in crypto transactions, was of strategic importance to Binance, he said. The company recently appointed three new executives to positions in Russia and Ukraine in hopes of strengthening its position in those countries.