Zelenskyy signs bill legalising crypto in Ukraine

Ukraine's President Volodymyr Zelenskyy has signed a bill legalising cryptocurrency into law amid a flurry of digital asset donations to fund Ukraine's struggle against the Russian invasion. Ukraine has received over $100 million in crypto donations so far.

According to a statement released by the Ministry of Digital Transformation of Ukraine on Wednesday, the law outlines the legal status, classification, ownership, and regulators of virtual assets, as well as registration requirements for crypto service providers.

The statement clarified that the crypto assets market would be supervised by Ukraine's National Commission on Securities and the Stock Market.

Moreover, confirming the news in a tweet, the Ministry of Digital Transformation of Ukraine stated that exchanges will be permitted to operate legally and banks will issue accounts for them.

Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine. pic.twitter.com/lqqO1J9r1k

— Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022

It is noteworthy to mention that the country has been trying to legalise cryptocurrencies since September 2021. President Zelenskky rejected the September 2021 version of the bill. The Parliament then passed a different version of the bill in February this year which he approved on Wednesday.

Ukraine has received over $100 million in crypto donations over the previous three weeks to support its struggle against the Russian invasion.

The country's finance ministry is reportedly working on adjustments to the country's tax and civil legislation in order to completely open the market for virtual assets.