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.
- The law determines the legal status, classification, ownership, and regulators of virtual assets, as well as sets registration requirements for crypto service 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. The digital ministry said in a tweet that exchanges will be able to operate legally, and banks will open accounts for them.
- 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.