Ukraine's Zelenskyy Signs Virtual Assets Bill into Law, Legalizing Crypto

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. Cryptocurrency can now legally play it’s role in state affairs.

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.

The market will be regulated by Ukraine's National Commission on Securities and the Stock Market. Exchanges will be able to operate legally, and banks will open accounts for them, the digital ministry said in a tweet.

The state body is tasked with "shaping and pursuing a policy in the field of virtual assets; determining the order of circulation of virtual assets; issuing permits to virtual asset service providers; and carrying out supervision and financial monitoring in this area," according to a Feb. 17 government announcement.

Ukraine has received at least $100 million in crypto donations over the past three weeks from people who want to support its defense and help fund humanitarian efforts.

The bill passed through parliament on Feb. 17 after Zelensky rejected an earlier version approved in September 2021.

The Ministry of Finance is working on amendments to the country's tax and civil codes to fully launch the market for virtual assets, the statement said.

(Article Courtesy of CoinDesk)