New Bill in Ukraine to Allow Crypto Firms to Open Bank Accounts

Ukraine is moving closer to establishing a legal framework for cryptocurrencies, including Bitcoin, with the release of a new draft bill earlier this week.

On May 18, the Ministry of Digital Transformation of Ukraine unveiled the draft bill titled “On Virtual Assets.” This legislation aims to clarify the legal standing of crypto assets, as well as the regulations governing their circulation and issuance within the country. The current draft is not final and invites input from the cryptocurrency community until June 5, 2020.