Ukraine Legalizes Cryptocurrency Despite Ongoing War

• Ukrainian President Volodymyr Zelenskyy has legalized the use of cryptocurrency in the country despite the ongoing war with Russia

• The newly signed law determines the legal status, classification, ownership, and regulators of digital assets in the country

• Ukraine’s decision comes after the country received more than $100 million in crypto donations from people looking to support

Ukraine’s President Volodymyr Zelenskyy has signed the “On Virtual Assets” bill into law, legalizing the use of cryptocurrency in the country. The new bill will allow the country to operate a regulated cryptocurrency market.

According to Coindesk, the bill will make it mandatory for crypto exchanges and other companies handling digital assets to register with the government before operating legally. Banks in the country will also be allowed to open accounts for crypto companies.

With the new law in place, Ukraine’s National Securities and Stock Market Commission will now be responsible for determining the country’s policies on digital assets. The commission will also issue licenses to businesses dealing in cryptocurrency and act as the watchdog of the virtual assets industry.

Read also: Ukraine Partners with FTX to Launch Crypto Donation Website

Zelenskyy’s legalization of cryptocurrencies comes only months after rejecting a bill for crypto legalization in September on grounds that the country couldn’t afford to create a new regulatory body for crypto management.

Even before the regulation, Ukrainians had already become one of the world’s foremost users of cryptocurrencies, according to an analysis by Chainalysis.

Ukraine’s hastiness in legalizing Bitcoin and other cryptocurrencies may have been hastened due to over $100 million in crypto donations received since the start of its war with Russia.

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