March 17, 2022
By Priyanka Shetty
Ukrainian President Volodymyr Zelenskyy has signed a virtual assets bill into law to legalize cryptocurrencies in the country that has been receiving millions in crypto donations for military and humanitarian aid in its fight against the Russian invasion.
Here is what you need to know:
- The new law determines the legal status, classification, ownership, and regulators of virtual assets, as well as setting registration requirements for crypto services providers, said the Ministry of Digital Transformation in a statement yesterday (March 16).
- This move underscores the growing role of crypto in the Ukraine war. This marks the first time that crypto was used in a large-scale war, and people from all over the world reportedly had donated an estimated $100 million in crypto donations to the Ukrainian government.
- The law also authorizes Ukraine’s National Securities and Stock Market Commission with the ability to regulate the country’s policies on digital assets, issue licenses to businesses dealing with crypto, and act as a financial watchdog as well as amend the country’s tax and civil codes to develop the digital assets market.
- With the new law in place, Ukraine’s first crypto exchange, Kuna can convert crypto to much-needed fiat. Ukraine has also partnered with crypto exchange FTX to convert crypto contributions to deposit at the National Bank of Ukraine.
Image: Wikimedia commons
About the author
Based in Bengaluru, Priyanka Shetty is a freelance writer for Blockchain Asset Review.