Ukrainian President Volodymyr Zelenskyy Has Signed a Law Legalizing Crypto
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What does the law imply for Ukrainians?
The new law will allow the crypto market to operate out of the shadows and provide a legal framework. Organizations and crypto exchanges that operate in the country would be required to register with the government body to function legally.
The law will determine virtual assets' legal status, classification, and ownership. It also determines the market regulators, which will be the National Bank of Ukraine and the National Commission on Securities and Stock Market.
It will also list and regulate the list of entities that operate in the crypto sector, their registration, and also control the monitoring measures of virtual assets.
The signing of the law by the president indicates an important step for bringing crypto mainstream. The Ukrainian National Securities and Stock Market Commission is given the authority to decide Ukraine's policy on digital assets, issue licenses to companies dealing with crypto, and act as a financial watchdog.
Crypto Played a Crucial Role in Ukraine's Stability
During the difficult times when banks and financial institutions were shut down, crypto is what held Ukraine strong. With millions of dollars pouring in as crypto donations, it helped minimize the negative impacts of Putin's decision.
Even though many countries didn't come forward to show their support, the crypto community never gave up on Ukraine. Tracked crypto donations total to a whopping $108 million, with many organizations pouring in their support and fund. The collected funds hope to help the country rebuild what it lost during the war.
