Ukraine’s parliament has adopted a new law that legalises and regulates cryptocurrency and other virtual assets like tokens.
The bill was passed in a near-unanimous vote on Wednesday and will now need to be signed by President Volodymyr Zelensky.
Ukraine is the fifth country in as many weeks to set up ground rules for digital currencies following El Salvador’s move to adopt Bitcoin as legal tender.
According to the Ukrainian draft bill, the law will regulate “legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, and the principles of state policy in the field of virtual assets”.
Put simply, the law will protect the owners of virtual assets and exchange platforms from fraud.
Cryptocurrencies in Ukraine have long been in a grey area, being neither legal nor forbidden due to a lack of existing laws that defined them and their usage.
While buying and exchanging cryptos was allowed, local courts could not protect people in cases of fraud or if something went wrong.
According to the Kyiv Post newspaper, authorities have typically regarded digital cash and cryptos as a “scam” and have raided crypto-related businesses and even confiscated equipment “without any grounds”.
The draft law may also determine how Ukraine will regulate cryptos in the future. The country plans to open up the cryptocurrency market to businesses and investors by 2022, a spokesperson from the Ministry of Digital Transformation told the Kyiv Post.
Ukraine’s Minister of Digital Transformation Mykhailo Fedorov also recently said the country was modernising its payment market so that its National Bank could issue digital currency.
There is a growing number of governments trying to regulate cryptocurrencies. Besides Ukraine and El Salvador, Cuba and Germany have also made strides.
Panama could be the next country to regulate cryptos as it is currently considering a draft law.
Source From : INC42.com
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It is learnt that a **Cryptocurrency exchange **or DCE short for digital currency exchange is a popular service/platform that enables clients to trade cryptocurrencies for other resources, such as other cryptocurrencies, standard FIAT cash or other digital currencies.
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Do you want to know how do exchanges set their prices?
Mostly there is a common misconception is that exchanges set prices. However, this is not true. There’s no official, global price. The exchange rate of a cryptocurrency generally depends on the actions of sellers and buyers, although other factors can affect the price. Moreover the prices vary depending on the activity of buying and selling on each of these exchanges.
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Do you know how crypto exchanges make money?
Amazingly the exchanges make profit from different revenue streams, most popular four are: commissions, listing fees, market making, and fund collection for IEOs, STOs and ICOs.
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The most familiar way to monetize exchanges cryptocurrency and traditional exchanges is to charge commissions in the market. Actually this commission pays for the trade facilitation service between the buyer and the seller. The commissions can be as low as 0,1% per transaction and due to low trading cost bring in high trading volume.
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Due to heavy competition, the newly created exchanges struggle with low volume during their early stages and therefore need another source of revenue. Also many exchanges opt for token and coin listing services to drive revenues. By organizing Initial Exchange Offerings (IEOs), Security Token Offerings (STOs), and Initial Coin Offerings (ICOs), exchanges might professionally collect a percentage of funds raised from these offerings.
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Creating their own cryptocurrency exchange has become a common phenomenon among entrepreneurs in the cryptosphere in recent years. Cryptocurrency exchanges are the main driving force behind the crypto market volume growth over the past decade, and they have provided lucrative opportunities for many entrepreneurs around the world. Many entrepreneurs have become millionaires by launching their own cryptocurrency exchange, which is why the demand and competition around crypto exchanges have drastically increased in the last few years.
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