Ukraine legalises crypto sector as donations for defence reach £75m

Russian Invasion of Ukraine
Ukraine legalises crypto sector as donations for defence reach £75m
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Ukraine has passed a law that establishes a legal framework for cryptocurrency in the country.

The virtual asset bill passed through the Ukrainian Parliament last month and was signed into law by President Volodymyr Zelenskyy on March 16.

Since raising more than £10 million from posting crypto wallet addresses on its official Twitter account in February, the Ukrainian government has been at full throttle trying to make the most of international crypto donations.

It has currently raised close to £75 million in support of the country’s defence against the ongoing Russian invasion.

The bill will allow foreign and Ukrainian crypto exchanges to operate legally and banks will be permitted to open accounts for crypto companies.

It also determines the legal status, classification, ownership, and regulators of virtual assets, as well as sets registration requirements for crypto services providers, the Ministry of Digital Transformation has said.

The Ukraine National Securities and Stock Market Commission will serve as market regulators in charge of issuing licenses and implementing state policy in the industry.

The law comes as countries around the world are increasingly grappling with how to regulate cryptocurrency through a variety of approaches.

At one end are countries like China, which has banned all trading and crypto mining, and at the other those like El Salvador, which has made Bitcoin a legal currency and promotes crypto trading whenever possible

Earlier this month, US President Joe Biden signed the country’s first executive order on digital assets, establishing the groundwork for regulation and federal involvement.

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