Ukraine President Volodymyr Zelensky has signed the cryptocurrency bill, which legalized the digital asset class in the country, allowing management and regulation of Ethereum and Bitcoin, among others.
Pedestrians walk under a Bitcoin cryptocurrency symbol displayed at a cryptocurrency exchange shop in Pristina on January 17, 2022. - Kosovo police on January 8 seized hundreds of cryptocurrency mining machines and arrested one person in the tense ethnic-Serb majority north as the country suffered an energy crisis. Cryptocurrencies like Bitcoin are created through solving complex equations.
It comes after Ukraine has already received over $100 million worth of cryptocurrency donations since the start of its conflict with Russia.
Ukraine President Zelensky Signs Crypto Bill
As per a news story by Engadget, the President of Ukraine himself has already signed the crypto bill that goes by the name "On Virtual Assets" into law, the Ministry of Digital Transformation of Ukraine announced on its Twitter account.
The Ministry of Digital Transformation said that the latest move of President Zelensky "is another important step towards bringing the crypto sector out of the shadows," which also launches digital asset classes in the country.
Ukrainian President Volodymyr Zelensky holds a joint press conference with the German chancellor in Kyiv on February 14, 2022. - The German chancellor landed in Kyiv for crisis talks with Zelensky, ahead of a visit to Moscow to head off what Berlin said was the "very critical" threat of a Russian invasion of Ukraine.
As such, the new bill that the Ukraine President has signed into law allows cryptocurrency exchanges in the country to operate legally. What's more, banks in the nation could now also allow crypto firms to open their accounts.
Ukraine and Crypto
It is worth noting, though, Ukraine has been one of the well-known nations that have massively embraced crypto adoption.
As a result, the country has been receiving millions of donations through the digital asset class, which supports the country, as well as its military and citizens, as it faces a conflict with the Russian nation.
However, despite that, crypto has yet to be fully legalized in the country until the new bill has been signed.
Back then, folks or companies in Ukraine were previously not allowed to either trade or own cryptos. On top of that, the government has been cracking down on the massive industry of digital assets amidst the rising crypto crime involving money laundering in the country and Eastern Europe.
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Ukraine Crypto Legalization
But this time around, the new bill that the chief executive of Ukraine has signed into law makes crypto legal in the country.
Both the National Bank of Ukraine and the National Commission on Securities and Stock Market will be responsible for regulating the new legalized assets class.
According to a recent report by CoinDesk, the crypto bill was earlier rejected by President Zelensky way back in Sept. 2021. But a new version of the bill was passed last Feb. 17, which has now been signed by the chief executive.
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Written by Teejay Boris
