The Ukrainian government has legalized cryptocurrency payments in its latest bid to control economic grey areas.
Officials have adopted new legislation which will use international anti-money laundering (AML) best practices in cryptocurrency transactions, essentially legitimizing digital assets.
Under the new laws, digital assets can be legally used as a medium of exchange, Yahoo News reports.
This paves the way for a whole host of supporting services commonly accessible in other jurisdictions, such as exchanges, payment processors, and cryptocurrency funds. Evidence of Ukraine’s new welcoming stance towards cryptocurrency can be seen in the wording of the new bill, which claims it accommodates “providers of services related to the transfer, exchange, and storage of virtual assets”.
According to Techannouncer, the new bill was supported by a significant majority of the Ukrainian Rada.
Interestingly, the new Ukrainian bill makes it possible for private individuals as well as organizations to offer digital asset services, but each provider must comply with strict AML practices.