Despite the ongoing war, Ukraine signed crypto regulation law
Crypto regulation law – Ukraine president, volodymyr Zelensky has signed a law to regulate crypto assets, by extension legitimize virtual asset trading in the country.
Recall that Ukraine has been receiving donations and financial aid via cryptocurrency in a bid to support her defense against Russian invasion. Ukraine has so far received over $100 million in crypto donations amid its war with Russia according to CoinDesk.
In a statement issued by the government of Ukraine, the new law has made effective appointments aimed at regulating the crypto market with effective rules around virtual assets, ownership rights, etc.
In view of this crypto regulation, Ukraine and foreign based cryptocurrency exchanges now agree to carry out operations, where banks are off the hook and will facilitate account opening for crypto exchanges and companies.
The official statement from Ukraine government reads,
“Today President of Ukraine Volodymyr Zelensky has inked the law of Ukraine “On virtual assets,” which was adopted by the Verkhovna Rada of Ukraine on February 17. It creates conditions for the launch of a legal market for virtual assets in Ukraine.
The new market will be regulated by the National Commission on Securities and Stock Market.”
According to the Ministry of transformation in a tweet, exchanges will be able to operate legally, and banks will open account for them.
The National Commission on Securities and Stock Market is tasked with,
“Shaping and pursuing a policy in the field of virtual assets; determining the order of circulation of virtual assets; issuing permits to virtual asset service providers; and carrying out supervision and financial monitoring in this area.”
According to the deputy minister of digital transformation, Alex Bornyakov in a tweet “We believe that crypto industry offers new economic opportunities. We will do our best to bring the bright new future closer as soon as possible.”
Crypto regulation law and legalization has brought open doors to Ukraine as the government announced it has partnered with crypto exchanges to launch a donation website for virtual asset users who wish to send crypto to help Ukraine and its people.