Ukraine President Zelenskyy signs bill to legalize crypto

Ukrainian President Volodymyr Zelenskyy passed a bill on virtual assets into law amid a frenzy of donations to the country in defense against Russian invasion.

Ukraine President Zelenskyy signs bill to legalize crypto

Ukrainian President Volodymyr Zelenskyy passed a bill on virtual assets into law amid a frenzy of donations to the country in defense against Russian invasion.

The Ministry of Digital Transformation says the law defines virtual asset classification, ownership, regulators, and registration requirements for crypto service providers.

Securities and the Stock Market National Commission of Ukraine will regulate the market. A tweet from the digital ministry said exchanges would be able to operate legally and banks would open accounts for them.

"We believe that the crypto industry offers new economic opportunities," said Alex Bornyakov, deputy minister of digital transformation. "We will do everything in our power to bring the bright new future nearer as quickly as possible."

A government announcement on Feb. 17 stated that "the state will formulate and carry out policies related to virtual assets, and issue permits to service providers, as well as ensure financial stability in the market."

Since the beginning of March, Ukraine has received crypto donations worth at least $100 million to help fund defense and humanitarian programs.

Following Zelenskyy's rejection of an earlier version approved in September 2021, the bill passed the parliament on Feb. 17.

To fully launch the market for virtual assets, the Ministry of Finance is planning to amend the country's tax and civil codes, according to the statement.