Ukraine Legalizes Cryptocurrencies After Virtual Assets Bill is Signed Into Law
Ukraine has legalized crypto in the country after President Volodymyr Zelenskyy signed a bill on virtual assets into law on Wednesday.
The approval of the legislation comes amidst the ongoing attack of Russian forces in Ukraine and the country having received millions of dollars in crypto donations.
According to the Ministry of Digital Transformation, the law specifies the legal status, classification, ownership and regulators of virtual assets, and also sets registration requirements for crypto services providers.
Ukraine’s National Commission on Securities and the Stock Market will act as market regulator. Crypto exchanges will have legal status to operate with banks banks allowed to open accounts for them.
Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine. pic.twitter.com/lqqO1J9r1k
— Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022
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The Ministry of Finance is also preparing amendments to the country’s tax and civil codes to fully support a successful launch of the digital assets market.
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Source: igaming
