Ukrainian President Volodymyr Zelenskyy has given a nod to legalize cryptocurrency across the nation. He has signed a law into a bill on virtual assets.
The decision has come in the middle of huge donations of digital assets to help Ukraine fight against Russia sternly. This support is expected to help Ukraine exert a strong defense against the Russian invasion.
The Ministry of Digital Transformation announced Wednesday that the law specifies the legal status, classification, ownership, and regulators of virtual assets as well as registration requirements for crypto service providers.
Ukraine’s National Commission on Securities and the Stock Market will regulate the market. The digital ministry said in a tweet that exchanges will be able to conduct business legally and banks will open accounts for them.
According to a February 17 government announcement, the state body is in charge of “shaping and pursuing a policy on virtual assets; establishing the order of circulation for virtual assets; issuing permits to virtual asset service providers; and conducting supervision and financial monitoring.”
Over the past three weeks, Ukraine has received at least $100 million in crypto donations from people wanting to aid its defense and assist with humanitarian efforts.
Earlier President Zelensky disapproved of the earlier version of the bill back in September 2021. And now, he passed the bill through parliament on Feb. 17.
As per the officially released statement, the Ministry of Finances is making efforts to amend the country’s tax and civil codes in order to completely launch the market for digital assets.