Zelenskyy legalizes cryptocurrency in Ukraine
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Ukrainian President Volodymyr Zelenskyy has signed a virtual assets bill into law to legalize cryptocurrencies in a country that is receiving millions in crypto donations for military and humanitarian aid in its war against Russia.
See related article: Ukraine crypto donations top $36M amid Russian invasion
Fast facts
The law determines the legal status for crypto assets and the market regulators — the National Bank of Ukraine and the National Commission on Securities and Stock Market, the Ministry of Digital Transformation said in a statement on Wednesday.
Foreign and domestic cryptocurrency service providers can operate with legal accounts in Ukrainian banks under the law, the Ministry added in a tweet.
Ukraine’s parliament passed the bill on Feb. 17, after Zelenskyy had rejected an earlier version of the bill in 2021.
Ukraine has received at least US$80 million in crypto donations from DAOs and direct crypto transfers to the government’s wallets.
The finance ministry is also looking to amend the country’s Tax and Civil Codes to develop the digital assets market, the statement said.
See related article: Crypto is playing a prominent role in the Ukraine War — on both sides of the conflict