Cryptocurrency will soon be a legal asset class in Ukraine, thanks to a new bill signed into law by Ukrainian President Volodymyr Zelenskyy. Ukraine’s Ministry of Digital Transformation tweeted today that both foreign and Ukrainian cryptocurrency exchanges are cleared to operate in the country. Crypto companies will soon be able to open accounts in Ukrainian banks as well. The world has sent an estimated $100 million in crypto donations to Ukraine since Russia’s invasion, including the Ukrainian military, aid groups, hacktivists and everyday citizens.
“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,” wrote Ukraine’s Ministry of Digital Transformation in its announcement of the law’s signing.
Cryptocurrency has technically not been illegal in Ukraine (hence the millions in donations and the nation’s status as the leading country for crypto adoption). But digital assets in Ukraine have more or less operated in a legal gray area. Neither people nor companies in Ukraine could own or trade crypto in the market, for example. A spike in crypto crime and money laundering in Ukraine and Eastern Europe in recent years led to the nation’s government cracking down on the industry.
The new law sets forth a legal framework for Ukraine’s burgeoning crypto industry to exist, as well as taps the National Bank of Ukraine and its National Commission on Securities and Stock Market to serve as regulators. It also paves the way for more laws and a tax code on crypto, which, hopefully, will further legitimize the crypto industry in Ukraine.
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