El Salvador did something extremely courageous in the face of adversity; against all odds, it decided to go with the transition of making Bitcoin one of the legal tenders within the country. This has inspired many countries; to begin with, some are South American while some are from far borders such as Ukraine.
After the successful implementation of Bitcoin as one of the legal tenders in El Salvador, Ukraine is also considering the possibility of securing a second-place within the emerging landscape. A virtual asset bill was drafted and presented before the senate many months ago, and it did pass the first reading, and recently, the second reading is also done, and the bill passed that too with flying colors. 276 deputies actively voted on the bill, and most of them declared the trading and investing of cryptocurrencies not only safe but legal for the users who are willing to practice trading with these.
Regulatory Bodies to Observe Crypto Activity in Ukraine Before Passing the Bill
This is still only the second bill reading that got approved; if this thing is to become a bill one day, there is still a lot of work that needs to be done. But when the bill passes, it will open doors of opportunities for the international decentralized entities and exchanges to be able to register themselves within the region and to acquire a license to offer their services to clients regarding crypto trading.
The bill is not limited to providing the audience with the right to invest and trade in cryptocurrencies, but people would have other rights such as judicial backing if they wish to protect their crypto tokens just like any other asset. The ministry of digital transformation has been given the heavy duty of imposing strict regulations on the crypto market, and soon enough, when the regulatory team has done its work, the processing of the licensing of the crypto exchanges will begin.
All of this seems extremely promising and whatnot, but still, there is a lot to do if Ukraine is to legalize cryptocurrencies, especially the regulatory part as it strengthens the confidence of the state to be able to move forward with such a volatile investing sector.