Ukraine Now Accepts Virtual Assets for Payments

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Bit by bit, the world is seeing the benefits of virtual assets (read: cryptocurrencies). More countries are joining the Bitcoin fray by introducing new laws that legalize crypto payments. Germany is well on its way to becoming crypto heaven, and now Ukraine is following its example by adopting new legislation that allows the use of crypto payments. Of course, it comes in strict compliance with EU’s fourth anti-money laundering directive.

It’s another historic moment for cryptocurrencies and great news for all crypto traders and investors. Of course, the newly adopted legislation binds all crypto operations to strict financial monitoring for each transaction in order to prevent suspicious funding.

Add Ukraine to the List of Crypto Fans

The bill was proposed by a parliamentary group called “Blockchain4Ukraine” with support from EU-funded expert center Better Regulation Delivery Office. The first reading took place on November 1 and the bill was adopted last week. The law is one of Ukraine’s EU commitments and thanks to it, the country will receive €500 million in assistance from European funds.

In Ukraine, a law needs to be read three times consecutively before it’s passed. Each passed law must be signed by the President. Ukraine’s new administration led by President Volodymyr Zelensky has been surprisingly positive toward cryptocurrencies which resulted in the law being passed in just over a month. The government has even set up an €18 million fund for innovative blockchain start-ups that can lead the way in these exciting times. Experts believe that with this law, Ukraine can become one of Europe’s Bitcoin stalwarts. Of course, it also opens up the door to new industries including crypto gambling.

Before that materializes, though, Ukraine will need to make changes in its current stance on online gambling. The country has banned all forms of online gambling apart from the lottery, which hasn’t stopped players from enjoying online casinos abroad. Thanks to the new law, now they can use Bitcoin to fund their accounts instead of sticking to fiat currency.

Bitcoin Gambling Set to Explode?

Ukraine’s new law was passed to incorporate “virtual assets” as a property that can be traded or transferred and used for payments and investments. In short, it enables corporate entities and private individuals to offer services under the new regulations, but, as mentioned, under strict financial monitoring.

Bitcoin is obviously on its way to the mainstream which doesn’t sit well with banks. However, as many experts have noted, it is the only way forward into a brave new digital era. Fiat currencies are slowly becoming obsolete and as more countries legalize crypto assets it will open up a whole new world of possibilities.

Online gambling is one of the industries that benefits from the blockchain and has received Bitcoin with open arms. Thanks to Germany’s and Ukraine’s new laws, it could “infuse” both countries with a lot of money in the long run should they decide to loosen up the stance on online gambling a bit. Thanks to Ukraine’s new President and administration, many experts are adamant that it will come sooner rather than later.

 

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December 11, 2019: • No Comments

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