The President of Ukraine signs new law that legalizes crypto assets after being introduced a month ago so let’s read more today in our latest cryptocurrency news.
Amidst the ongoing war with Russia, the President of Ukraine Volodymyr Zelensky signed a law on virtual assets that legalized crypto assets in the country. The law defines what is considered a crypto asset and tapped the National Bank of Ukraine as well as its National Commission on Securities and Stock Market as regulators, establishing other regulations around it which can offer cryptocurrencies and their registration in the country. An earlier version of the bill was proposed in September but the president requested changes. The governemnt introduced the revised version of the bill by February and today’s signing made the law official in the EU nation.
Almost for two years our ministry @mintsyfra have been working on developing a legal framework for crypto companies.
Today crypto plays vital role in Ukraine's defence process. All this helps to raise awareness and engage people worldwide. #StandWithUkraine
— Alex Bornyakov (@abornyakov) March 8, 2022
It’s important to know that crypto was not illegal in Ukraine before now but also Ukraine’s announcement doesn’t say much about making Bitcoin a legal tender in the country so today’s move is not akin to what El Salvador did in the past. The Deputy Minister of Digital Transformation Alex Bornyakov tweeted that the new law will play a huge role in Ukraine’s defense process. The National Commission on Securities and Stock Market will work to create a national policy on crypto and to also issue permits to approved distributors of crypto.
Ukraine recieved up to $100 million in crypto donations as the nation continues to fight against the Russian war. The crypto donations were mostly recieved in BTC, ETH, DOT, Solana, and DOGE. Ukraine’s VP Mykhailo Fedorovo was a huge supporter of crypto and the donations which is why he invited Bitcoin and Ethereum contributions to the nation’s wallet address in February. In the announcement, Ukraine’s Ministry of Digital Transformation concluded that the signing of the new law by the president is a huge step towards bringing the crypto sector out of the shadow and launching a legal market for virtual assets in Ukraine.
As recently reported, Ukraine wants to show the world the current situation in the war against Russia in the form of NFT according to the deputy minister of digital transformation. Amid the invasion from the Russian Federation, the Ukrainian government wanted to show the world some moments from the war in an NFT form which will also be a way to gather more funds and continue the fight.