Kyiv. Ukraine has legalized cryptocurrencies, as the country has received a donation of tens of millions of dollars to help fight the Russian invasion.
Ukraine’s President Volodymyr Zelensky has signed a law that is able to create conditions for the further formation of the legal field in the virtual property market.
The new market will be regulated by the National Commission on Securities and Stock Markets.
The signed law sets out the legal status, classification and ownership rights of virtual assets and sets out the list of providers of virtual assets and the conditions for their registration.
As of now, the Ministry of Digital Transformation is developing the legal framework in this area.
The Ministry of Digital Transformation is also actively working to amend Ukraine’s Tax and Civil Code to fully launch the virtual asset market, the government said in a statement.
The signing of the Crypto Law is an important step towards advancing the cryptocurrency sector and starting a legal market for virtual assets in Ukraine.
The government tweeted, Ukraine has legalized the crypto sector. From now on, foreign and Ukrainian cryptocurrency exchanges will operate legally and banks will open accounts for crypto companies.
Crypto exchanges and companies handling other virtual assets must register with the government.
The country’s Deputy Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov, said that with the start of the war, cryptocurrencies have become a powerful tool to attract additional funds to support the Armed Forces of Ukraine.
In more than three weeks after the war, Ukraine’s Crypto Fund has raised more than $54 million in cryptocurrencies, he said.
Media reports have claimed that the government has received about $100 million in crypto donations.
El Salvador was the first country to allow consumers to use cryptocurrencies in all transactions along with US dollars in September 2021.
—AnyTV News
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