Volodymyr Zelenskyy, the president of Ukraine presently based mostly in Kyiv, has signed a regulation establishing a authorized framework for the nation to function a regulated crypto market. 

In a Wednesday announcement, Ukraine’s Ministry of Digital Transformation said Zelenskyy signed a invoice named “On Virtual Assets,” first adopted by the nation’s legislature, the Verkhovna Rada, in February. Crypto exchanges and companies dealing with digital property might be required to register with the federal government to function legally in Ukraine, and banks might be allowed to open accounts for crypto companies.

The regulation endows Ukraine’s National Securities and Stock Market Commission with the ability to find out the nation’s insurance policies on digital property, challenge licenses to companies coping with crypto and act as a monetary watchdog. The authorities company added that Ukraine’s Ministry of Finance was additionally working in the direction of amending the nation’s tax and civil codes to accommodate the authorized framework for digital property.

“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,” mentioned the Ministry of Digital Transformation.

Ukraine has legalized the crypto sector — @ZelenskyyUa signed a regulation. From now on overseas and Ukrainian cryptocurrencies exchanges will function legally and banks will open accounts for crypto corporations. It is a crucial step in the direction of the event of the VA market in Ukraine. pic.twitter.com/lqqO1J9r1k

— Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022

Cryptocurrency has change into a serious challenge within the nation’s present combat in opposition to Russia following the invasion on Feb. 24, with many donating directly to Ukraine for humanitarian causes and funding the navy. At that point, the National Bank of Ukraine said that it had restricted money withdrawals at banks, mounted the overseas alternate fee of the nation’s hryvnia forex and suspended the issuance of digital cash.

Related: USDT premiums soar on Ukraine’s Kuna exchange

On Monday, Kuna, Ukraine’s largest crypto alternate, helped launch a donation platform with FTX and Kuna, staking platform Everstake, and the Ministry of Digital Transformation to permit customers to ship a number of cryptocurrencies “to support people in their fight for freedom.” According to the web site, customers have sent greater than $54 million in crypto on the time of publication, roughly 27% of the platform’s $200 million aim.

Cointelegraph reached out to Kuna, however didn’t obtain a response on the time of publication.