While Ukraine is fighting to protect its lands against Russia, it is also making important economic decisions. Cryptocurrencies will soon become a legal asset class in Ukraine, thanks to a new bill signed by President Volodymyr Zelenskiy.
The Ministry of Digital Transformation of Ukraine has officially announced that both foreign and Ukrainian cryptocurrency exchanges are allowed to operate in the country. Crypto companies will soon be able to open accounts in Ukrainian banks. The world has sent an estimated $100 million in crypto donations to Ukraine since the invasion of Russia through the Ukrainian military, aid groups, hackers and ordinary citizens.
Ukraine’s Ministry of Digital Transformation announced the signing of the law, saying, “The signing of this Law by the President is an important step in bringing the crypto industry out of the shadows and launching a legal market for virtual assets in Ukraine.”
Cryptocurrencies were not technically illegal in Ukraine, so donations of millions of dollars were possible. But digital assets in Ukraine were in a legal gray area. For example, in Ukraine neither people nor companies can own or trade crypto on the market. The spike in crypto crimes and money laundering in Ukraine and Eastern Europe in recent years has prompted the country’s government to carry out operations against the industry.
The new law establishes the legal framework for the existence of Ukraine’s thriving crypto industry and also designates the National Bank of Ukraine and the National Securities and Exchange Commission as regulators. It also paves the way for more laws and tax codes that will further legitimize the crypto industry in Ukraine.
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