Zelensky signs crypto asset law amidst gunfire, Ukrainian crypto exchanges now operate legally

Ukraine, which received support in the form of cryptocurrency donations during the Russia-Ukraine war, saw President Zelensky sign the "Cryptocurrency Law" bill on the 16th. According to the bill, foreign and Ukrainian cryptocurrency exchanges can operate legally, and banks will be able to open accounts for cryptocurrency companies. The Ministry of Digital Transformation of Ukraine stated that the signing of this bill by the president legalizes the cryptocurrency industry.

The "Crypto Assets Law" was passed by the Supreme Court of Ukraine in February. According to an announcement from the Ukrainian Ministry of Digital Transformation, the law establishes the legal status of digital assets and designates the National Bank of Ukraine and the National Securities and Stock Market Commission as regulatory authorities.

The Ukrainian Ministry of Digital Transformation stated on Twitter that "Zelensky signed a bill, legalizing the crypto industry in Ukraine. Foreign and Ukrainian cryptocurrency exchanges will now operate legally, and banks will open accounts for crypto companies. This is an important step for the development of the Ukrainian virtual asset market."

The Ukrainian Ministry of Finance is also concurrently amending the country's tax and civil laws to enhance legal provisions for crypto assets.

Since the invasion of Russia on February 24th, many people have directly donated to Ukraine using cryptocurrencies. Through a donation platform launched by the Ukrainian cryptocurrency exchanges Kuna and FTX, as well as the staking platform Everstake in collaboration with the Ministry of Digital Transformation.

On Monday, a donation platform launched in collaboration by the Ukrainian cryptocurrency exchanges Kuna, FTX, Kuna, the staking platform Everstake, and the Ministry of Digital Transformation aimed to raise $200 million. As of now, they have received over $54 million in cryptocurrency donations, approximately 27% of the target amount.

This article is republished with permission from Horizon News Network