President Volodymyr Zelenskyy of Ukraine has signed a bill that legalizes virtual assets and cryptocurrencies. In its battle with Russia, Ukraine is awash with millions in cryptocurrency donations for military and humanitarian aid.
Ukraine President Zelenskyy legalizes cryptocurrency in the country
The law “determines the legal status, classification and ownership of virtual assets,” according to a statement shared by the National Bank of Ukraine and the National Commission on Securities and Stock Market, the Ministry of Digital Transformation.
Under the law, foreign and domestic cryptocurrency service providers may work with legal bank accounts in Ukraine:
Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. 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 market in Ukraine. pic.twitter.com/lqqO1J9r1k
— Мінцифра (@mintsyfra) March 16, 2022
On February 17, Ukraine’s parliament passed the bill after Zelenskyy had rejected an earlier version in 2021. At least US$80 million has been donated in crypto by DAOs and direct cryptocurrency payments to the Ukranian government’s wallets.
The finance ministry wishes to change the Tax and Civil Codes in order to promote the digital assets market, according to the statement.
