A law regulating the use of cryptocurrencies in the midst of war was signed by Ukrainian President Volodymyr Zelensky on Wednesday 16 March to create conditions for the legal use of cryptocurrencies on the territory of Ukraine.
As reported, the National Securities and Stock Market Commission of Ukraine (NSSMC) and the National Bank of Ukraine (NBU) will be responsible for regulating the market for digital assets.
The law defines the legal status and ownership of virtual assets, establishes registration requirements for providers (VASP) and provides for transaction monitoring.
The National Securities and Exchange Commission will set the rules for the circulation of digital assets in the country and issue VASP licenses to conduct activities. Stock exchanges will be able to operate legally and banks will be able to open accounts for them.
”Ukraine has legalized the cryptocurrency sector – Volodymyr Zelensky signed the relevant law. Now cryptocurrency exchanges of foreign and Ukrainian companies will operate legally and banks will be able to open accounts for them. This is an important step towards the development of the virtual assets market in Ukraine” – the Ministry of Digital Transformation of Ukraine said on Twitter .
Deputy Prime Minister and Minister of Digital Transformation of Ukraine Mykhailo Fedorov added that since the outbreak of hostilities, cryptocurrencies have become a powerful financial tool that helps attract additional funding to support the armed forces.
Ukraine has received more than $100 million in cryptocurrency donations in the last three weeks from people who want to support its defense and help fund humanitarian efforts.
Ukraine Was Planning This Move 3 Years Ago?
Ιt is noteworthy to mention that Ukraine was planning cryptocurrency legalization as of 2018.
From our article on October 28, 2018 we wrote that:
”The government in Kiev intends to legalize cryptocurrencies and comprehensively regulate the fintech sector as part of a new public policy developed by the economy ministry. The process may take up to three years to complete but eventually the industry built around digital assets should become a legitimate part of the country’s economy.”
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