Ukrainian leader Volodymyr Zelenskyy has signed a virtual asset bill into law, legalizing the use of cryptocurrencies in the country.
The accompanying statement notes that the Ministry of Finance plans amendments to the country’s tax and civil codes to prepare the market for the virtual assets.
The new law clarifies virtual assets’ legal status, categorization, proprietorship, and regulations. It also provides registration requirements for crypto service firms.
The country’s Ministry of Digital Transformation says that the National Commission on Securities and Stock Markets will supervise the sector.
The agency will work on a policy on VA and manage the circulation of the assets. It will also license the service providers and monitor the financial aspects.
The parliament gave the draft the green light on February 17 after Zelenskyy dropped an early version in September last year.
The news coincides with the receipt of more than $100 million worth of cryptocurrencies supporting the country’s defense forces against Putin’s aggression.
Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine. pic.twitter.com/lqqO1J9r1k— Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022