Cryptocurrency will soon be a legal asset class in Ukraine, thanks to a new bill signed into law by Ukrainian President Volodymyr Zelenskyy. Ministry of Digital Transformation of Ukraine today that both foreign and Ukrainian cryptocurrency exchanges are authorized to operate in the country. Crypto firms will soon be able to open accounts in Ukrainian banks as well. The world has sent an estimate in crypto donations to Ukraine since the Russian invasion, including the ukrainian militaryaid groups, hacktivists and ordinary citizens.
"The signing of this Law by the President is another important step in bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine," Ukraine's Ministry of Digital Transformation wrote in its statement. of signing the law.
Cryptocurrency has technically not been in Ukraine (hence the millions in donations and the nation's status as the leading country in ). But digital assets in Ukraine have more or less operated in a . Neither people nor companies in Ukraine can own or trade crypto on the market, for example. a spike in cryptocrime and money laundering in Ukraine and Eastern Europe in recent years prompted the nation's government to crack down on the industry.
The new law establishes a legal framework for Ukraine's burgeoning crypto industry to exist, and also calls on the National Bank of Ukraine and its National Securities and Stock Market Commission to act as regulators. It also paves the way for more laws and a tax code on cryptocurrencies that will hopefully further legitimize the cryptocurrency industry in Ukraine.
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