Ukraine’s president Zelenskyy signs law to legalize crypto as digital donations roll in

Yahoo News

A month ago, Ukraine’s parliament passed a bill to legalize cryptocurrency, preparing a framework for the regulation and management of cryptocurrencies like Bitcoin and Ethereum. Today, the country’s president, Volodymyr Zelenskyy, signed into law that bill, “On Virtual Assets,” which establishes a legal framework for the country to operate a regulated crypto market.

“The Parliament has adopted a law on virtual assets. I think the president is about to sign it into law in a matter of days. So we strive to be as friendly to virtual assets as possible. And we are continuing this effort during wartime as well,” Ukraine’s vice prime minister and minister of Digital Transformation, Mykhailo Fedorov, told TechCrunch in an interview earlier this week.

According to reports coming out of CointelegraphCoindesk and other digital asset-focused outlets, crypto exchanges and firms handling digital assets will now be required to register with the government to operate legally in Ukraine, and banks will be allowed to open accounts for crypto firms.

The law also reportedly empowers Ukraine’s National Securities and Stock Market Commission with the ability to determine the country’s policies on digital assets, issue licenses to businesses dealing with crypto, and act as a financial watchdog. (Indeed, Ukraine’s parliament previously passed a law legalizing cryptocurrency back in September, but President Zelenskyy vetoed the bill soon afterward, saying the country couldn’t afford to stand up a new regulatory body for managing crypto.)