Ukraine's parliament passes virtual assets bill, legalizing cryptocurrencies and other virtual assets in the country

On September 8, the Verkhovna Rada of Ukraine (Ukrainian Parliament) passed the Virtual Assets Bill, officially legalizing virtual assets such as cryptocurrencies in the country.

The definition of virtual assets in the Virtual Assets Act includes cryptocurrencies such as Bitcoin, as well as tokenized assets. The Act stipulates that virtual assets cannot be used as a means of payment in the country, but citizens can legally hold and trade them. Companies in the crypto field need to obtain a license to operate in Ukraine.

Most countries have turned a blind eye to virtual currencies such as Bitcoin, refusing to recognize their legality, but not banning them either. El Salvador officially defined Bitcoin as legal tender yesterday, and now another country has followed suit, Ukraine, which has also legalized virtual currencies.

The Virtual Assets Act’s definition of virtual assets includes cryptocurrencies such as Bitcoin, as well as tokenized assets.

However, unlike El Salvador, Ukraine's law stipulates that virtual assets cannot be used as a means of payment in the country, but citizens can legally hold and trade them.

Additionally, companies in the crypto space need a license to operate in Ukraine.

Overall, compared with El Salvador, Ukraine's attitude towards virtual currencies such as Bitcoin is not as radical. Holding and trading are legal, but they cannot be used as a means of payment, which means they cannot be used as legal tender, thus holding the last line.