Cryptocurrency is Legal in Ukraine: Volodymyr Zelenksyy Signs the Virtual Asset Law
Ukraine’s President Volodymyr Zelensky enacted a law to make virtual assets legal. The ruling allows Ukrainian cryptocurrency exchanges to operate legally and enables banks to open accounts for cryptocurrency companies. This move will advance the development of the digital asset market in Ukraine.
The Ministry of Digital Transformation announced the law on Wednesday.
“The signing of this law by the president is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”
In 2021, the Ukrainian parliament took the first step in adopting a law to regulate the transactions of virtual assets. Last month, the parliament approved it. Today, Zelensky made it law-official. The ruling takes place during times when the besieged country is receiving a large number of crypto donations to help fund the war against Russia.
According to Alex Bornyakov, the vice minister of the Digital Transformation Department, donations reached $100 million on March 9. With more than 60% of the funds, the authorities purchase fuel, food, military, and medical equipment.
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