Ukrainian President Volodymyr Zelenskyy legalized crypto in the country, signing into law a bill on virtual assets, amid a frenzy of digital asset donations to support the country’s defense against a Russian invasion.
The bill passed through Parliament on Feb. 17 after an earlier version was rejected by Zelenskyy and will define the legal status, classification, and ownership of virtual assets, the statement said. Ukraine’s National Commission on Securities and the Stock Market will regulate the market, and virtual asset providers such as exchanges will be allowed to operate. Ukrainian banks will also be able to open accounts for crypto firms, the Ministry of Digital Transformation said in a tweet.
Cryptocurrency exchanges will be issued with permits that allow them to operate, and Ukraine’s Ministry of Finance will work on amending the tax code to accommodate digital assets like Bitcoin and Ethereum.