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While living under the threat of a possible territorial invasion by Russia, Ukraine has moved forward in the process of regulating the crypto market. According to the recent approval of a cryptoasset bill, digital currencies have received legal status in the country.

Ukraine follows El Salvador’s footsteps and recognizes the legality of the crypto market by passing its legislation for the sector. However, unlike El Salvador, bitcoin has not been declared a legal tender in the in Eastern Europe country.

The bill on virtual assets was presented in a voting session in the Ukrainian congress this past Thursday (17). Since September 2021, the legislative proposal has been under consideration by politicians.

To be passed, the Ukrainian cryptoasset law needed 266 votes of support and got more than 300 parliamentarians in favor of recognizing cryptoassets in the country.

Currently, there are more than five million Ukrainians who are crypto investors. This number of crypto investors represents more than 11% of the country’s total population, which has 44 million inhabitants.

In addition to the acknowledgment of cryptoassets, the law’s approval on the crypto market will present more guarantees for companies in the industry, as pointed out by Ukraine’s Deputy Prime Minister Mikhail Fedorov in an interview with Forbes Russia recently.

“Foreign and Ukrainian cryptocurrency companies will be able to work legally, and Ukrainians will have convenient and secure access to the global market of virtual assets. Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. A transparent mechanism for investing in a new asset class will appear.”