Ukrainian President Volodymyr Zelenskyy legalized crypto in the country, signing into law a bill on virtual assets, amid a frenzy of digital asset donations to support the country’s defense against a Russian invasion.
The law determines the legal status, classification, ownership, and regulators of virtual assets, as well as setting registration requirements for crypto services providers, the Ministry of Digital Transformation said in a statement Wednesday.
Ukraine president Volodymyr Zelenskyy signed a virtual assets bill on March 15, allowing the country to establish and regulate a crypto market.
“From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies,” tweeted Ukraine’s Ministry of Digital Transformation.
According to the ministry’s statement, Ukraine’s stock market regulator will be tasked with keeping an eye on cryptocurrency exchanges.
Ukraine’s National Securities and Stock Market Commission will also be tasked with outlining a policy for virtual assets, according to an announcement the Ukrainian government made in February.
Ukrainians have been one of the most active retail users of cryptocurrencies, and there had been discussions in the country earlier to legalize these digital assets, but the latest trigger has been Russia’s military action in Ukraine. In light of the war, Ukraine has reportedly received more than $100 million in donations in the form of cryptocurrencies since the crisis began last month.
the new Ukrainian law on cryptocurrencies determines the legal status, classification, ownership, and regulators of virtual assets, in addition to establishing registration requirements for cryptocurrency service providers. In a tweet, Ukraine’s digital ministry said: “From now on, foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA (virtual assets) market in Ukraine”.
An earlier version of this bill was proposed last September, but President Zelensky requested changes. The Ukrainian government first introduced the revised version of the bill on February 17. Today’s signing makes it official in the European nation. Deputy Minister of Digital Transformation Alex Bornyakov tweeted that the new crypto law will play a “vital role in Ukraine’s defense process.”
Notably, this move by the embattled European nation does not mirror that of El Salvador, which adopted Bitcoin as its legal tender last year.
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