Cryptocurrency has been legalized in Ukraine as the country has received tens of millions of dollars in donations from individuals and groups to fight the Russian invasion. The Ukrainian President Volodymyr Zelensky signed a law creating the conditions for further development of the legal field in the market of virtual assets.
The new market will be regulated by the National Securities and Stock Market Commission. The signed law defines the legal status, classification, and rights of ownership of virtual assets, as well as the list of providers of virtual assets and conditions of their registration. The Ministry of Digital Transformation has been developing the legal framework until now.
In addition, the Ministry of Digital Transformation is actively working to amend the tax and civil codes of Ukraine to fully launch the virtual assets market, the government said in a statement. The signing of the crypto law is an important step towards bringing cryptocurrency out of the shadows and launching a legal market for virtual assets in Ukraine.
According to the government, ‘Ukraine has legalized the crypto sector. Starting today, foreign and Ukrainian cryptocurrency exchanges will operate legally and banks will open accounts for crypto companies,’ the government tweeted. Crypto exchanges and companies that handle other virtual assets must register with the government.
‘The Crypto Fund of Ukraine raised more than $54 million in cryptocurrencies during the war,’ said Ukraine’s Vice Prime Minister and Minister for Digital Transformation, Mykhailo Fedorov. ‘With the start of the war, cryptocurrencies have become an option for additional funding to support the armed forces,’ he added.El Salvador was the first country to permit consumers to use cryptocurrency alongside dollar transactions in September 2021. According to media reports, the government has received close to $100 million in crypto donations.
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