Recently, the digital converter of Ukraine has announced the draft law on Cryptocurrencies, which has a beneficial terms for cryptocurrencies.
Ukraine is at the final steps in completing the legal framework for cryptocurrencies such as Bitcoin, with a new cryptocurrency law draft published recently.
At 23/5, the digital Ukrainian converter announced the new bill for Cryptocurrencies, in order to determine the legal properties of cryptocurrency assets as well as the rules for circulation and the release of cryptocurrencies in Ukraine.
If the bill is adopted then it will allow companies to operate in the crypto-currency sector to open a bank account.
Michael Chobanian, chairman of the Bitcoin Association in Ukraine, said that "crypto exchanges in Ukraine so far haven't been able to set up bank accounts yet."
As a result, the bill is considered a great news for the Ukrainian cryptocurrency companies, which can help the Ukrainian cryptocurrency industry break out of the ' grey area ', which provides a legitimate presence for Ukrainian cryptocurrency companies.
The bill contains "crypto service providers, cryptocurrency exchanges, release organizations, and users – have the right to open accounts in banks and other financial institutions."
Not all cryptocurrency companies can set up bank accounts, all of which have to go through the registration and authorization process.
Andriy Khavryuchenko, founder of DevNull AI software company, tweeted that "crypto-related transactions may turn into unlawful, unless they register with the ministry"
Accordingly, if you want to operate in Ukraine these companies must have licenses, but not all are illegal.
Chobanian, the Cointelegraph developer, said "If you are trading cryptocurrencies in Ukraine without getting approval from the regulatory authority it is certainly illegal, as it is the law"
According to him, not only Ukraine but other countries as well, as they want to ensure the cryptocurrency companies must fully executive the KYC & AML regulations, in order to ensure these companies do not wash money.