Ukrainian President Volodymyr Zelensky enacted a new law on digital assets that has as its main objective to regulate cryptocurrency platforms so that they can have a formal business in that country, so now the National Securities Commission and the Securities Market of Ukraine will be in charge of regulating the market.
Under the context in which Ukraine has received more than 100 million dollars in donations through cryptocurrencies which have the objective of financing its front against the Russian invasion.
The reform also contemplates a relatively relevant part for cryptocurrencies to be used in the European country, that banks can open accounts and offer services related to cryptocurrencies.
This was something to be expected, the Ukrainian parliament approved this reform on February 17.
However, the issue is not yet resolved, although they are already practically legal, the necessary modifications must be made to clarify the issue of how much taxes will be paid to use cryptocurrencies or with services derived from such virtual assets.
When talking about this topic, the direct antecedent is El Salvador, which became in 2021 the first country to legalize a cryptocurrency: Bitcoin. On that occasion, the digital currency was established as legal tender, establishing that the exchange rate between Bitcoin and the dollar will be established by the free market and is not subject to capital gains taxes.
El Salvador specified that the legalization applied only to Bitcoin and in the case of Ukraine, it will apply to all cryptocurrencies without distinction.
Currently there are between 6 thousand and 8 thousand different cryptocurrencies, of which the most relevant are Bitcoin, Ethereum, Tether, BNB, USD Stablecoin, XRP, etc.