President of Ukraine Volodymyr Zelensky signed a legislation on virtual assets, subjecting this market to the National Securities and Stock Market Commission and the National Bank of Ukraine’s supervision (NBU).
The law signed by Zelensky establishes the legal status, classification, ownership, and regulators of virtual assets, as well as the registration requirements for crypto service providers, according to a statement issued by the Ministry of Digital Transformation on Wednesday.
Ukraine’s National Commission on Securities and the Stock Market will oversee the market. Exchanges will be able to function legally, and banks will open accounts for them, according to a tweet from the digital ministry.
Deputy Prime Minister, Minister of Digital Transformation of Ukraine Mykhailo Fedorov wrote on his Telegram channel:
“Since the beginning of the war, crypto assets have become a powerful tool for attracting additional funding in support of the Armed Forces of Ukraine. During the three weeks of the war, the Crypto Fund of Ukraine raised more than $54 million in crypto assets. Today, the president has signed the law on virtual assets. We are launching a legal market for virtual assets in Ukraine and bringing the crypto sector out of the shadows,”
According to a Feb. 17 government announcement, the state body is tasked with “shaping and pursuing a policy in the field of virtual assets; determining the order of circulation of virtual assets; issuing permits to virtual asset service providers; and carrying out supervision and financial monitoring in this area,”
Over the last three weeks, Ukraine has received at least $100 million in cryptocurrency donations from those who wish to assist its defense and humanitarian initiatives.
After Zelensky rejected an earlier version authorized in September 2021, the measure went through parliament on February 17.
According to the statement, the Ministry of Finance is working on changes to the country’s tax and civil regulations in order to fully open the market for virtual assets.
According to the Ministry of Digital Development, this is another significant step toward de-shadowing the crypto industry and the establishment of a legal market for virtual assets in Ukraine.
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