The Ukrainian government legalizes cryptocurrencies and announces that the new market will be regulated by the National Securities Market Commission.
In a statement, the Ministry of Digital Transformation of Ukraine indicates that President Volodymyr Zelensky has signed the Law “On Virtual Assets”. According to the statement, the legislative text is another important step “to bring the cryptocurrency sector out of the shadows and to be able to launch a legal market of virtual assets in Ukraine.”
The government reported in a tweet that foreign and Ukrainian cryptocurrency exchange houses will operate legally in the country, with the new law. It also said that banks will open accounts for cryptocurrency companies.
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
Ukraine legalizes cryptocurrencies
The new legislative text determines that the market regulators will be the National Bank of Ukraine and the National Securities and Exchange Commission.
It establishes the ownership of virtual assets, the list of virtual asset providers and the conditions of their registration. Regarding the National Securities and Exchange Commission, the ministry indicates that it will be engaged in forming and implementing state policy in the field of virtual assets.
It will also have the function of issuing permits to virtual asset service providers and to regulate, supervise and economically oversee this matter.
Aid for Ukraine platform
The government also reports that the Ministry of Finance is currently actively working to amend the Tax and Civil Codes of Ukraine, with the aim of fully launching the virtual asset market.
The approval of the new law comes shortly after the country created the Aid for Ukraine platform to receive crypto donations. A platform with which the Ukrainian government hopes to raise $200 million.
At press time, donations amounted to more than $54 million. Since the Russian invasion, the Ukrainian Government has raised more than $150 million in cryptocurrency donations.
