Against the backdrop of the war caused by Russian aggression, Ukraine acquired international support. The whole world is emphasizing the peaceful nation attacked by the order of vicious Kremlin criminals. Since the first day after the warfare outbreak, Ukrainian crypto wallets have been opened by the Ministry of Digital Transformation for donations. Thus, millions of dollars in cryptocurrencies and non-fungible assets were collected to aid the Ukrainian Army and humanitarian NGOs. Such hefty financial support pushed the President of Ukraine to the new law adoption concerning crypto regulations.
Earlier in March, Volodymyr Zelenskyy signed off on a new law that will regulate cryptocurrency, bringing all digital assets under a legal umbrella. This move will be a starting point on the way to crypto taxing in Ukraine.
The crypto assets regulating initiative had been long on the agenda to allow crypto miners greater access to Ukrainian nuclear energy resources. The act was being developed by the Ministry of Digital Transformation and then processed by the President himself to add key amendments, including the creation of a governing body to regulate the area.
Thus, the official Telegram channel of the Ukrainian Ministry of Finance and the statement by the Ministry of Digital Transformation concerning the crypto law key statement read the following:
- Grants foreign and Ukrainian crypto exchanges the opportunity to operate legally in the country
- Allows domestic banks to provide accounts for crypto-related companies
- Grants Ukrainians the ability “to protect their savings in virtual assets”
- Provides legal recognition and rights to crypto assets and their holders
Although the central bank, the National Bank of Ukraine, will play a co-regulatory role, the nation’s markets regulator – the National Commission on Securities and Stock Market – will become the governing body over the whole sector.
“This is another important step towards removing the crypto sector from the shadows and launching a legal market for virtual assets in Ukraine,” the Ukrainian Ministry of Finance stated.
Well, the first steps in the regulation of cryptocurrencies and crypto assets in Ukraine have been made. This smart move characterizes the current government ruling the country as a breakthrough, forward-thinking, and open to innovations. So, when the bloody war finally finishes, Ukraine has all chances to become one of the most technological countries on the planet. Let it be as soon as possible. Glory to Ukraine!