Ukraine’s President Volodymyr Zelenskyy legalized cryptocurrency by signing a bill on virtual assets into law, amid a burst of digital asset contributions to support the country’s defense against a Russian invasion.
The law establishes the legal status, classification, ownership, and regulators of virtual assets, as well as the registration requirements for crypto service providers, according to a statement issued by the Ministry of Digital Transformation on Wednesday.
The market will be overseen 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, according to a tweet from the digital ministry.
According to a government announcement on Feb. 17, the state body is given the task of shaping and pursuing a policy in the virtual assets field; determining the order of circulation of virtual assets; granting permits to virtual asset service providers; and carrying out supervision and financial observance in this area.
Over the last three weeks, Ukraine has received at least $100 million in cryptocurrency donations from people who want to support its defense and aid in funding humanitarian efforts.
After Zelenskyy rejected an earlier version approved in September 2021, the bill passed through parliament on February 17.
According to the statement, the Ministry of Finance is working on changes to the country’s tax and civil codes for fully launching the market for virtual assets.
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