A new bill signed into law by Ukrainian President Volodymyr Zelenskyy will make cryptocurrencies a legal asset class in the country. The Ministry of Digital Transformation of Ukraine said that both foreign and Ukrainian cryptocurrencies exchanges can operate in the country. Ukrainian banks will soon be able to open accounts for cryptocurrencies. Since the Russian invasion of Ukraine, the world has sent an estimated $100 million in coins to the country, including the Ukrainian military, aid groups, hacktivists and everyday citizens.
The signing of this Law by the President is another important step towards bringing the cryptocurrencies out of the shadows and launching a legal market for virtual assets in Ukraine.
The millions of donations and the nation's status as the leading country for adoption of cryptocurrencies shows that it has not been illegal. There is a legal gray area for digital assets in Ukraine. Neither people nor companies in Ukraine could own or trade cryptocurrencies. The government cracked down on the industry due to a spike in crime and money-laundering in Eastern Europe.
The National Bank of Ukraine and the National Commission on Securities and Stock Market serve as regulators under the new law. It paves the way for more laws and a tax code on the industry.
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