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President Of Ukraine Signs Law Both Regulating and Legalizing Crypto Assets

The law “On Virtual Assets” has been made official, paving the way for a fully regulated crypto market within the nation.

Volodymyr Zelenskyy

During the ongoing conflict with Russia, the President of Ukraine, Volodymyr Zelenskyy has officially signed a law “On Virtual Assets” that has legalized cryptocurrency assets within the country.

The law in question defines what is considered to be a crypto asset, taps the National Bank of Ukraine, as well as its National Commission on Securities and Stock Market as crypto regulators. It also establishes the other regulation regarding who can offer cryptocurrencies and the registration process in Ukraine.

There was an earlier edition of the bill that was proposed last year in September, though the President did request changes. The government of Ukraine then introduced the 1st revised version of the bill on February 17th. The signing of the law today makes it official within the European Nation.

An important aspect to note is that crypto wasn’t really illegal in Ukraine before now, and also the fact that Ukraine’s announcement doesn’t really say anything concrete about making Bitcoin legal tender within the country either. That means that the move made today isn’t really akin to say, what El Salvador has done.

Alex Bornyakov, the Deputy Minister of Digital Transformation issued a tweet about the new crypto law, saying that it will play a “vital role in Ukraine’s defence process.”

The National Commission on Securities and Stock Market of Ukraine will also be working tirelessly on the creation of a national policy on cryptocurrency within the country, on top of issuing permits to approved distributors of cryptocurrency.

As the fight against the Russian Invasion continues, Ukraine has, so far, received pretty close to $100 million in crypto donations in Bitcoin, Ethereum, Polkadot, and Dogecoin.

The VP of Ukraine, Mykhailo Fedorov has been really vocal pertaining to his support of both cryptocurrency and crypto donations, as is evident by the fact that he invited Bitcoin and Ethereum donations to the official wallet of the nation since February 26th.

When announcing the signing of the new law, the nation’s Ministry of Digital Transformation concluded by stating that, ” 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.”

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