Ukraine’s president has officially signed a virtual asset bill legalizing cryptocurrencies for income, exchange and trade, as approved by parliament last month. It comes after weeks of financial backing from the crypto community to help stop Russia’s invasion.
- According to a statement from Ukraine’s Ministry of Digital Transformation, the new law creates the conditions for a legal virtual asset market in the country. It will be regulated by the National Bank of Ukraine as well as the National Securities and Stock Market Commission.
- The commission will formulate and enforce state policy on crypto, and issue permits to crypto service providers while overseeing the sector’s financials.
- The law also provides conditions for the registration of virtual property companies and the formation of a legal field in the virtual property market.
- A different version of the bill was passed by parliament months earlier, but was pushed back by President Zelensky due to a provision for a new body dedicated to regulating digital assets. The new bill includes amendments preferred by the presidents.
- Ukraine is already one of the top 5 countries in the world for cryptocurrency use, making the law’s approval somewhat overdue. This comes soon after Dubai established its Virtual Asset Regulatory Authority and US President Joe Biden signed an executive order on monitoring the crypto industry.
- Some have feared that crypto could undermine the West’s economic punishment against Russia, following the invasion of Ukraine last month. In contrast, virtual assets have been very beneficial to Ukraine during the conflict, with the country receiving over $100 million in crypto donations in less than a month.
- The nation is preparing to launch an NFT archive about the Russian war after the canceled airdrop.
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