Ukraine legalises the use of cryptocurrencies

Friday 18 March 2022 12:37 CET | News

Following the ongoing war in Ukraine and the aid received by the Ukrainian government in cryptocurrencies, the country’s President, Volodymyr Zelenskyy, has legalised the use of crypto.

The President signed a bill on virtual assets that determines the legal status, classification ownership, and regulations of virtual assets, and sets registration requirements for crypto service providers. The new crypto asset marker will be regulated by the country’s National Commission on Securities and the Stock Market. Under the new law, exchanges will also be granted permission to legally operate, and banks will open accounts for them.

With Ukraine receiving over USD 100 million in crypto donations since the beginning of the war, on 24 February 2022, the law regulating the use and transaction of crypto assets allows for these funds to be legally invested in infrastructure repairs, military supplies, and population aid.

The Ministry of Finance is also considering amendments to Ukraine’s tax and civil codes to launch a market for virtual assets.

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Keywords: Russia Ukraine War, regulation, cryptocurrency, cryptocurrency exchange, crypto, crypto asset, funding
Categories: DeFi & Crypto & Web3
Countries: Ukraine
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DeFi & Crypto & Web3

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