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The Ukrainian government has drafted a roadmap for the integration of crypto into the country’s economy.

After the crypto draft bill is adopted, Ukrainians will be able to legally hold, exchange, and spend cryptocurrencies like Bitcoin (BTC), a government official revealed. Besides allowing payments in cryptocurrencies, the Ukrainian Digital Transformation Ministry proposes lower crypto taxes as the new legislation seeks to pave the way for the industry to enter the country.

The new crypto draft law will make cryptocurrencies a legal and common phenomenon for the government and the society, as representatives said. According to the draft, cryptocurrencies won’t be recognised as means of payment, however the legislation will allow crypto payments through intermediary services that provide instant crypto-to-fiat conversions.

The draft law, which will expand the possibilities of crypto use, is being prepared for adoption in the second reading, after it was voted through in the Ukrainian parliament in December 2020. To protect Ukrainian crypto users, service providers will be required to receive a work permit in Ukraine, according to the draft law designed in a way that will enable foreign businesses to smoothly enter the country.

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