Amidst their ongoing situation with Russia, the President of Ukraine Volodymyr Zelensky has now signed a law “On Virtual Assets.” But while the law legalizes cryptocurrency assets, it also ushers in a fully regulated crypto market in the country.
Ukraine’s Law On Virtual Assets
Firstly, the newly signed law offers a detailed explanation of what can be termed as a crypto asset. It then also picks the National Bank of Ukraine and National Commission on Securities and Stock Market to serve as crypto regulators. And finally, it provides a regulatory framework around which crypto transactions and how they must be registered in Ukraine, will be based.
This means that Ukraine’s National Commission on Securities and Stock Market must come up with a national policy on cryptocurrency, and then issue permits to distributors of cryptocurrency upon approval.
Meanwhile, the bill is not exactly a newly created one. The earliest version was first proposed last September, but at the time, President Zelensky requested that changes be made. Then last month, the Ukrainian government introduced the revised version of the bill. Today’s signing however, now makes the law binding and official in Ukraine.
Crypto In Defense of Ukraine
It might be important to note that the new crypto law is coming at a time such as this in Ukrainian history. Interestingly, Ukraine has received nearly $100 million in cryptocurrency donations since Russia’s invasion. And these donations have been quite helpful to its cause in these trying times.
Just like Ukraine’s Deputy Minister of Digital Transformation Alex Bornyakov says, crypto plays a “vital role in Ukraine’s defence process.”
Furthermore, Ukraine’s Ministry of Digital Transformation wrote about the signing that;
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.
Without doubt, Ukraine’s case has proven that crypto assets are here to stay.