Ukraine Legalizes Bitcoin, Provides Clarity for HODLers and Businesses

Ukraine is not being left behind.

On September 9, Ukraine said it was legalizing Bitcoin following the approval of a bill by the country's legislature. The bill was first drafted in 2020. However, it was until yesterday that the members of parliament voted on its proposals and signed by President Volodymyr Zelensky, making the bill's content law.

276 lawmakers saw the bill's content suitable for its citizen's needs, while only six were against the draft.

The decision to approve Bitcoin and make the cryptocurrency legal—not legal tender—is a relief for crypto holders and businesses. While Ukraine remains receptive, embracing crypto and blockchain, business entities have suffered from police raids. Without guidance, law enforcers mistook crypto-related companies as scam operators.

Now that there are clear laws, businesses can operate confidently and even fulfill their tax obligations. Meanwhile, crypto holders are protected. Specifically, the bill now becomes a foundation for how Ukraine will continue to regulate Bitcoin and cryptocurrency in the future.

For traders, this would be an opportunity to delve deeper into crypto and Bitcoin. Since crypto and BTC are legal, they can try out various portals, including CryptoAltum, which supports up to 500X for even more trading opportunities.