Ukraine President Signs Virtual Assets Bill Which Legalizes Crypto
Volodymyr Zelenskyy the president of Ukraine, has signed a bill on virtual assets into law, which legalizes crypto in the country.
According to an official statement from the Ministry of Digital Transformation of Ukraine, the new law sets conditions for a legal virtual asset market in the country. It will be regulated by the National Securities and Stock Market Commission, alongside the National Bank of Ukraine.
The new law defines 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.
Under Ukraine’s National Commission on Securities and the Stock Market supervision, crypto exchanges will be able to operate legally, and banks will open accounts for them, the digital ministry tweeted.
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
A different version of this bill was passed by parliament months ago but President Zelensky sent it back due to a provision for a new body dedicated to regulating digital assets. The new bill contains the presidents’ preferred amendments.
Ukraine is one of the top 5 countries in the world for cryptocurrency usage, making the law’s approval somewhat overdue. Recently Dubai established its Virtual Asset Regulatory Authority, and the US President Joe Biden signed an Executive Order on crypto industry oversight.
Over $100 million in crypto donations has flown into Ukraine over the past three weeks from people who want to support its defense and help fund humanitarian efforts.
According to the statement, the Ministry of Finance is working on amendments to the country’s tax and civil codes to fully launch the market for virtual assets.
