The Ukrainian government regulated the cryptocurrency market

According to the Ukrainian Ministry of Digital Transformation, Ukrainian President Volodymyr Zelensky has signed a law allowing the creation of a legal framework for the cryptocurrency market.

Ukraine regulates the cryptocurrency market

Earlier this week, the Ministry of Digital Transformation of the Ukrainian government announced that President Zelensky had signed a law on “virtual assets” that will create a legal framework for the cryptocurrency market.

The relevant law passed through the Ukrainian National Securities and Exchange Commission on February 17 after Zelensky rejected its earlier version. Now the document will help the authorities determine the legal status, classification, and ownership of virtual assets. The Ukrainian National Securities and Exchange Commission will manage the market, and virtual asset providers, such as stock exchanges, will be able to be fully operated legally and in accordance with clear regulations. 

According to a tweet from the Ministry of Digital Transformation, Ukrainian banks will also be able to open accounts for companies involved in cryptocurrency trading.

The Ukrainian Ministry of Finance will also work to amend the tax code to include digital assets like bitcoin and ether.

It is another important step in bringing the cryptocurrency sector out of the shadows and launching a legal market for virtual assets in Ukraine.

– This is what the Ministry of Digital Transformation stated in its translated statement.

Bitcoin revolution in Ukraine

The scale of cryptocurrency adoption in Ukraine is on the rise, albeit during one of the darkest periods in the country’s history. Since Russia invaded Eastern European neighbor Ukraine on February 24, Ukraine has received more than $100 million in cryptocurrencies, almost half of which is taken directly to government-operated wallets. 

The country spent at least 15 percent of this amount on military equipment and other items. It also plans to launch an NFT collection commemorating the war, but no details have been released so far.

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