Last month, Ukraine’s parliament passed a bill called “On Virtual Assets” to legalize cryptocurrency. And now, Ukraine’s president, Volodymyr Zelensky has signed the bill to legalize crypto in the country. The decision comes after Ukraine received million in crypto.
Since Russia’s invasion, individuals and groups from around the world have sent an estimated $100 million in crypto donations to Ukraine, including aid groups, the Ukrainian military, hacktivists, and everyday citizens.
In a post shared on Telegram, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov, said the law would “bring the crypto sector out of the shadows.”
Ukraine has been preparing a framework for regulating and managing cryptocurrencies like Bitcoin and Ethereum. This bill will legalize crypto in Ukraine and provides a legal framework for the country to operate in a regulated crypto market.
According to Cointelegraph, Coindesk, and other digital asset-focused outlets, crypto exchanges and firms will now have to register with the government to operate legally in Ukraine. Also, the banks will be allowed to open accounts for crypto firms.
The law also empowers Ukraine’s Stock Market Commission and National Securities to determine the country’s policies on digital assets, act as a financial watchdog, and issue licenses to businesses dealing with crypto.