Ukrainian President Signs Law to Establish Regulatory Framework for Crypto

Amidst the ongoing war on its shores, President Volodymyr Zelenskyy has signed into law the bill that will legalize digital currencies in Ukraine.

According to a press release published by the Ministry of Digital Transformation, the new law helps in creating conditions for the launch of a legal market for virtual assets in Ukraine.

The new industry will be regulated by the National Securities and Stock Market Commission, which re-affirms the determination by the government “towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

According to the Ministry’s announcement, the new law helped in determining the legal status, classification, and ownership of virtual assets; determines market regulators which include the National Bank of Ukraine and the National Commission on Securities and Stock Market. Additionally, the law creates conditions for further formation of the legal field in the market of virtual assets; determines the list of providers of virtual assets and conditions of their registration; and in all, provides for the implementation of financial monitoring measures in the field of virtual assets.

While Bitcoin (BTC) and the host of digital assets are not legal tenders in Ukraine, the country’s determination to legalize digital currencies complements the passage of the bill by the Ukrainian parliament on February 17 amidst the ongoing geopolitical tension with Russia at the time. With the tension aggravating into a full-blown war, the digital currency ecosystem has rallied around Ukraine with donations flowing in through BTC, Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Tron (TRX), and even Non-Fungible Tokens (NFTs).

The positive disposition of Ukraine towards digital currencies paid off, and Zelenskyy’s signing of the bill shows the recognition of the hidden potentials digital currencies possess in transforming the payment and investment landscape. From El Salvador to Ukraine, the list of nations legalizing Bitcoin has continued to grow with more fated soon.