Ukraine Passes Crypto Bill, Makes Virtual Assets Legal

Ukraine Passes Crypto Bill, Makes Virtual Assets Legal
  • Ukraine officially legalizes virtual assets and cryptocurrency.
  • The President signed a bill that passed the Parliament. 
  • Soon, crypto exchanges will operate legally in Ukraine.

Ukraine’s President Volodymyr Zelenskyy signed a bill earlier today. The Ministry of Digital Transformation says that this bill will allow the creation of a legal framework for digital assets. 

Since the bill passed the Parliament this morning, Ukraine has now officially legalized Bitcoin and other cryptos. In detail, the bill redefines crypto legal status in the country. Not to mention, it also sets legal classification and ownership of all virtual assets. 

In addition, Ukraine’s National Commission on Securities and the Stock Market will work to regulate the market. With this in place,

As we can see from the tweet above, both foreign and Ukrainian crypto exchanges can begin operating legally within Ukraine. More so, banks will also start opening accounts for crypto companies. 

Another development from this bill will be the issuance of permits for crypto exchanges. Also, Ukraine’s Ministry of Finance will focus on amending the tax code. In particular, this amendment will accommodate digital assets such as Bitcoin and Ethereum. 

The Ministry of Digital Transformation highlights, 

The signing of this Law by the President is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.

The power of blockchain and crypto has been invaluable to Ukraine during this Russia-Ukraine crisis. So much so that Ukraine recently launched an official website for crypto donations to support their defensive front.

So far, Ukraine has received over $100 million in crypto donations of which about $15 million funded military gear and additional supplies. Furthermore, Ukraine plans to launch an NFT collection. These NFTs will most likely commemorate the war.

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