The Ukrainian Parliament has adopted legislation regulating foreign and domestic cryptocurrency exchanges operating from within the country.

On Wednesday, the Ukrainian Parliament adopted the draft law "On Virtual Assets," legally recognizing cryptocurrency in the country for the first time. The legislation is based on the existing standards adult by the intergovernmental policy-making system, Financial Action Task Strength on Money Laundering (FATF).

Ukraine'south Ministry building of Digital Transformation will be tasked with overseeing the implementation of the new digital asset regulation and guiding the industry'southward growth in adherence to international standards.

A statement from the press office of the Ministry building of Digital Transformation said the law allows companies to launch digital asset markets in Ukraine and enables banks to "open accounts for crypto companies."

"Ukrainians volition likewise be able to declare their income in virtual assets," the Ministry's representative told Cointelegraph, adding that the law "guarantees judicial protection of the rights to virtual asset owners."

An declaration from the ministry emphasized that "the land will receive additional tax revenues to the budget, which will be paid by crypto companies," adding:

"The adopted norms establish rules for service providers related to the circulation of virtual avails and contribute to the market's de-shadowing."

Virtual nugget service providers (VASPs) "must have an impeccable business reputation" and will exist required to disclose their buying structure to place their ultimate beneficial owners. Internal Anti-Money-Laundering measures must likewise be maintained by VASPs.

Oleksandr Bornyakov, deputy government minister of Digital Transformation of Ukraine, highlighted provisions independent in the legislation to attract "foreign exchange to the Ukrainian marketplace," adding:

"It volition go 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 form of assets. I am sure that society, business and the country will benefit from the legalization of the new sector of the economy."

Related: Ukrainian ministry considering digital currency pilot for staff salaries

Last month, Mykhailo Fedorov, Ukraine's deputy prime number minister and the head of the country's Ministry of Digital Transformation, revealed that his ministry was exploring using a central bank digital currency to make salary payments in an early airplane pilot of the applied science.

Ukrainian President Volodymyr Zelensky signed a law enabling the country'south central bank to result a CBDC in July.