Ukraine moves closer to legalization of cryptocurrencies after the Verkhovna Rada adopted a new legislation on ‘virtual assets’ by the votes of 272 MPs. The new law is the latest in a series of attempts by lawmakers to regulate virtual currencies and virtual assets in Ukraine.

As digital minister Mykhailo Fedorov states, the new law is an additional opportunity for business development in the country, as now foreign and Ukrainian crypto companies will be able to operate legally.

Market participants will have legal protection and make decisions based on open consultations with government agencies.

The National Securities Commission will formulate and implement a policy in the field of virtual assets, issue permits to virtual asset service providers, and supervise and financially monitor this area.

Currently, the digital ministry is working on appropriate amendments to the Tax and Civil Codes of Ukraine to fully launch the market for virtual assets.

The statement claims the virtual asset market can become a powerful sector of the economy, as Ukraine is among five countries of the world with the largest number of cryptocurrency users.