Crypto Industry News:
The Ukrainian parliament has adopted the bill "On Virtual Assets" regulating foreign and domestic cryprocurrency exchanges operating in the country.
The legislation is based on existing standards developed by an intergovernmental organization, the Financial Action Task Force (FATF).
The task of the Ukrainian Ministry of Digital Transformation will be to oversee the implementation of the new digital asset regulation and manage growth in line with international standards.
Anastasia Bratko from the Ministry of Digital Transformation said the law allows companies to launch digital asset markets in Ukraine and banks allow them to open accounts for crypto companies.
"Ukrainians will also be able to declare their income in virtual assets," she said, adding that the law "guarantees judicial protection of rights to owners of virtual assets."
The ministry's announcement also stressed that "the country will receive additional tax revenues to the budget that will be paid by crypto companies," adding:
"The adopted standards set rules for providers of services related to trading in virtual assets and contribute to the clarification of the market," it reads.
MV service providers "need to have an impeccable business reputation" and will need to disclose their ownership structure to identify their ultimate beneficial owners. Suppliers must also apply internal anti-money laundering measures.
Oleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine, drew attention to the provisions contained in the act aimed at attracting "foreign stock exchanges to the Ukrainian market".
"They will become a powerful stimulus for the further development of the cryptosphere in Ukraine. Banks will open accounts for them and conduct transactions in a new asset class. I am convinced that the legalization of the new sector of the economy will benefit society, business and the state," he said.
Technical Market Outlook
The BTC/USD pair has bounced towards the level of $47,557 and tried to break out higher but the rally was capped at the level of $47,375. The bears are in full control of the market as the price might be heading towards the level of $45,043, the last technical support before $43,159 level. The weak and negative momentum supports the short-term bearish outlook and only a sustained break out above the level of $50,000 would change it to bullish.
Weekly Pivot Points:
WR3 - $59,047
WR2 - $55,505
WR1 - $54,221
Weekly Pivot - $49,999
WS1 - $48,690
WS2 - $44,656
WS3 - $43,452
Trading Outlook:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
