scorecardresearchUkraine legalises cryptocurrencies as President Zelensky signs virtual assets bill

Ukraine legalises cryptocurrencies as President Zelensky signs virtual assets bill

Updated: 17 Mar 2022, 11:59 AM IST
TL;DR.

The law determines the legal status, classification, ownership and regulators of virtual assets

The law determines the legal status, classification, ownership and regulators of virtual assets 

The law determines the legal status, classification, ownership and regulators of virtual assets 

Ukraine legalised cryptocurrencies as Ukrainian President Volodymyr Zelensky signs into law a bill on virtual assets, while the country is receiving a string of digital asset donations to help it face the wrath of Russian invasion, reported CoinDesk.

The country’s law determines the legal status, classification, ownership and regulators of virtual assets, as well as setting registration requirements for crypto services providers, the Ministry of Digital Transformation said.

As per the newly-drafted law, the market will be regulated by Ukraine’s National Commission on Securities and the Stock Market. Exchanges will be able to operate legally, and banks will open accounts for them, the digital ministry said in a tweet.

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The state body 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 a government announcement on February 17.

Ukraine has received at least $100 million in crypto donations over the past three weeks from people who want to support its defense and help fund humanitarian efforts.

The bill passed through parliament on February 17 after Zelensky rejected an earlier version approved in September 2021.

The Ministry of Finance is currently working on amendments to the country’s tax and civil codes to fully launch the market for virtual assets, the statement said.

El Salvador was among the first nations to give bitcoin the status of legal tender within El Salvador after 7 September 2021.

 

First Published: 17 Mar 2022, 11:59 AM IST