A month ago, Ukraine's parliament passed a bill to legalize cryptocurrencies, preparing a framework for the regulation and management of them. Volodymyr Zelenskyy, the country's president, signed into law a bill that establishes a legal framework for the country to operate a regulated market for virtual assets.
The Parliament has a law on virtual assets. I think the president will sign it in a few days. We want to be friendly to virtual assets. Mykhailo Fedorov, Ukraine's vice prime minister and minister of Digital Transformation, said in an interview that they are continuing this effort during wartime.
According to reports coming out of cointelegraph and other digital asset-focused outlets, firms handling digital assets will be required to register with the government to operate legally in Ukraine, and banks will be allowed to open accounts for them.
The law gives the National Securities and Stock Market Commission of Ukraine the ability to determine the country's policies on digital assets, issue licenses to businesses and act as a financial watchdog. President Zelenskyy vetoed a bill that legalized cryptocurrencies in September, saying the country couldn't afford to have a new regulatory body for managing them.
The law “on virtual assets” was signed today! Now crypto is legalized in Ukraine. Thank you, President @Zelenskyy for the support. We believe that crypto industry offers new economic opportunities. We will do our best to bring the bright new future closer as soon as possible.
— Alex Bornyakov (@abornyakov) March 16, 2022
If you thought crypto was already legal in Ukraine, you have plenty of company. Even without formal regulation, Ukrainians, Russians and Venezuelans (in that order) had become among the active retail users of digital currencies by the fall of 2020, according to blockchain analysis outfit Chainalysis.
The head of research at Chainalysis told us at the time that there were a few trends that were driving the rise of Ukraine.
Since Russia invaded the country and began killing soldiers and civilians alike, an estimated 3 million people have fled the country, and the types of regulations that were just passed into law have taken on new importance. TheNPR compared the number of Ukrainian refugees who have fled to Poland alone to the population of Warsaw.
With the new law in place, Kuna will no longer be limited to helping the country spend the donations directly with suppliers who are compatible with the new law. The country has collaborated with the FTX exchange in the Bahamas to convert contributions to the war effort into currency for deposit at the National Bank of Ukraine.
Aid for Ukraine is a donation website that accepts donations in a variety of digital currencies, as reported by Coindesk on Monday.
We have been able to raise $55 million with the help of cryptocurrencies. Fedorov said all of that was directed toward the needs of the Ukrainian army.
We don't know if it's true that the initiative is the first instance of a cryptocurrencies exchange giving a conduit for donations to a public financial institution.
The country was profiled in The New York Times under the headline, "The Crypto Capital of the World", but none of this is happening the way Ukrainian officials expected.
Alex Bornyakov, deputy minister at the Ministry of Digital Transformation, told the outlet in November that the big idea was to become one of the top jurisdictions in the world for cryptocurrencies.
This is the new economy, this is the future, and we believe that it will boost our economy.
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