Ukraine’s President Zelenskyy signs a law regulating crypto
Volodymyr Zelenskyy, Ukraine’s president, signed legislation “on virtual assets” on Tuesday, taking cryptocurrency “out of the shadows” and legalising it.
According to a release, the new legislation creates the authorities that will govern the market and specifies laws for virtual asset ownership rights, among other things. Exchanges headquartered in Ukraine and abroad will be permitted to function, and banks will be permitted to create accounts for cryptocurrency enterprises.
“We believe that the cryptocurrency industry has the potential to create new economic opportunities. We will do all necessary to bring the bright new future closer as quickly as possible,” deputy minister of digital transformation Alex Bornyakov stated in response to the news on Twitter.
Since the outbreak of the conflict with Russia, the country has depended on crypto to draw contributions from across the globe, which have been used to purchase supplies for the military forces.
The Ukrainian government launched a website dedicated to cryptocurrency donations on Monday. It displays a target of $200 million, with almost $54 million collected as of Wednesday afternoon.
Bitcoin, ether, and USDT are all accepted cryptocurrencies. Ukraine’s leaders published information about their intentions to sell NFTs this week, describing it as “similar to a museum of the Russian-Ukrainian conflict.”