{"headers":{"Content-Type":"application\/x-www-form-urlencoded"},"body":"source_lang=&target_lang=DE&tag_handling=xml&split_sentences=1&preserve_formatting=1&text=New+Bitcoin+legislation%3A+Ukraine+as+latest+crypto+adopter&text=Developing+economies+seem+to+be+paving+the+path+for+cryptocurrency+adoption%2C+with+Ukraine+the+latest+to+pass+a+law+to+regulate+the+market.&text=The+Ukrainian+government+has+passed+new+legislation+to+focus+on+regulating+cryptocurrency+and+looking+to+adopt+the+currency+with+safety+and+security+for+citizens.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AThe+legislation+will+enable+foreign+and+local+cryptocurrency+exchanges+to+allow+cryptocurrency+activity+in+the+country+if+they+operate+according+to+the+regulations+set+out.+The+parliament+adopted+the+drafted+legislation+%22On+Virtual+Assets%22+-+a+law+that+recognises+cryptocurrencies+as+legal+assets+in+the+country.+This+is+the+first+time+cryptocurrency+has+been+seen+as+legal+in+Ukraine+and+highlights+a+step+towards+greater+adoption.+According+to+the+legislation%2C+the+standards+set+in+place+will+be+based+on+established+law+by+Financial+Action+Task+Force+on+Money+Laundering%2C+the+intergovernmental+financial+organisation.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AThe+Ministry+of+Digital+Transformation+of+the+country+will+oversee+how+and+in+which+way+the+laws+to+regulate+virtual+assets+will+be+put+in+place.+The+department+will+also+look+to+see+how+the+industry+can+grow+according+to+international+standards+and+regulated+protocol+to+offer+investor+protection.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AAccording+to+Anastasia+Bratko%2C+a+member+of+the+Ministry+of+Digital+Transformation%2C+the+new+laws+will+enable+companies+to+develop+and+launch+cryptocurrency+markets+in+the+country+for+the+first+time+and+it+will+allow+banks+to+set+up+new+accounts+for+cryptocurrency+institutional+investors+as+well+as+cryptocurrency-focused+for-profit+organisations.+She+said%3A+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%E2%80%9C%3Cem%3EUkrainians+will+also+be+able+to+declare+their+income+in+virtual+assets.+%5BAnd+it+will%5D+guarantees+judicial+protection+of+the+rights+to+virtual+asset+owners.%E2%80%9D%C2%A0%3C%2Fem%3E%0A%3Ch2%3ECryptocurrency+adoption+in+Ukraine%3A+The+economic+opportunity%3C%2Fh2%3E%0AThe+governmental+department+also+noted+that+the+country+will+be+able+to+receive+tax+revenue+paid+by+cryptocurrency+companies.+The+unprecedented+move+to+adopt+cryptocurrency+will+also+pave+a+way+for+a+better+outlook+for+the+industry+by+authorities+as+well+as+investors+in+the+country.+The+ministry+said%3A+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%E2%80%9C%3Cem%3EThe+adopted+norms+establish+rules+for+service+providers+related+to+the+circulation+of+virtual+assets+and+contribute+to+the+market%E2%80%99s+de-shadowing.%E2%80%9D+%3Cstrong%3EBold%3C%2Fstrong%3E%3C%2Fem%3E%0A%0AOleksander+Bornyakov%2C+the+Deputy+Minister+of+Digital+Transformation+of+Ukraine%2C+further+added+to+the+benefits+of+cryptocurrency+adoption+in+Ukraine%2C+saying+the+legislation+will+be+able+to+attract+new+foreign+exchanges+to+the+country%27s+market%2C+which+will+aid+the+economy+and+further+the+cryptocurrency+scene+in+Ukraine.+He+noted%3A+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%E2%80%9C%3Cem%3EIt+will+become+a+powerful+incentive+for+the+further+development+of+the+crypto-sphere+in+Ukraine.+Banks+will+open+accounts+for+them+and+conduct+transactions+with+a+new+class+of+assets.+I+am+sure+that+society%2C+business+and+the+state+will+benefit+from+the+legalization+of+the+new+sector+of+the+economy.%3C%2Fem%3E%E2%80%9D%0A%3Ch2%3EUkrainian+interest+in+Bitcoin%3C%2Fh2%3E%0AWhile+the+news+is+exciting+for+the+future+of+the+market+in+the+country%2C+there+has+been+previous+volatility+of+interest+from+citizens+in+the+country.+According+to+Google+Trends%2C+the+past+month+has+had+a+fluctuating+interest+in+Bitcoin+and+what+the+token+is+doing.+As+new+companies+invest+in+the+industry+and+as+more+investors+gain+exposure%2C+we+might+see+a+greater+increase+in+Bitcoin+adoption+in+the+country.%0A%0A%3Cimg+class%3D%22aligncenter+size-large+wp-image-146578%22+src%3D%22https%3A%2F%2Fwww.coininsider.com%2Fwp-content%2Fuploads%2F2021%2F09%2FScreenshot-2021-09-09-at-09.29.29-1024x350.png%22+alt%3D%22%22+width%3D%22640%22+height%3D%22219%22+%2F%3E%0A%0A%3Cem%3ESource%3A+Google+Trends%3C%2Fem%3E%0A%3Ch2%3ECryptocurrency+adoption+in+emerging+markets%3C%2Fh2%3E%0AAs+it+stands%2C+there+seems+to+be+a+rapid+shift+from+governments+in+emerging+markets+to+look+to+cryptocurrency+adoption.+With+central+bank+digital+currencies+%28CBDC%29+being+tested+across+the+world%2C+those+in+developing+economies+might+be+looking+at+the+best+benefit.+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fel-salvador-bitcoin-adoption-90-have-poor-crypto-understanding%2F%22%3EJust+recently%2C+the+president+of+El+Salvadore+passed+%22The+Bitcoin+Law%27%3C%2Fa%3E+-+an+unprecedented+legislature+that+labels+Bitcoin+as+legal+tender+in+the+country.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AWhile+the+law+was+met+with+slight+criticism+from+citizens+in+the+country%2C+a+result+of+minimal+understanding+in+the+cryptocurrency+industry%2C+there+has+been+a+wealth+of+support+from+the+Bitcoin+community.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AAs+other+countries+look+to+Bitcoin+and+other+cryptocurrencies+as+a+means+to+complement+the+economy%2C+we+might+start+seeing+the+launch+of+new%2C+well-regulated+exchanges+in+conjunction+with+CBDCs.","timeout":15}