Ukraine signs virtual asset bill to legalize Bitcoin

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The update comes after cryptocurrency donations to Ukraine’s war efforts surpassed $100 million.

Ukraine signs cryptocurrency law

Ukraine just legalized cryptocurrencies.

The Ministry of Digital Transformation of the Ukrainian government published a statement Wednesday announcing that President Zelenskyy signed the country’s “virtual assets” bill that will allow for a legal framework for cryptocurrency adoption.

The bill was passed by Parliament on February 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 Securities and Stock Market Commission will regulate the market, and providers of virtual assets such as exchanges will be able to operate. Ukrainian banks will also be able to open accounts for cryptocurrency companies, the Ministry of Digital Transformation said in a statement. a tweet.

Cryptocurrency exchanges will receive licenses that will allow them to operate, and Ukraine’s Ministry of Finance will work to change the tax code to accommodate digital assets like Bitcoin and Ethereum.

“​​The signing of this law by the president is another important step towards bringing the cryptocurrency sector out of the shadows and launching a legal market for virtual assets in Ukraine,” the Ministry of Digital Transformation concluded in a translated statement.

Ukraine has been at the forefront of nation-state adoption of cryptocurrencies in recent weeks, amid one of the darkest periods in the country’s history. Since Russia invaded its eastern European neighbor on February 24, Ukraine has received more than $100 million in cryptocurrency donations, with more than half of the amount going directly to government-run wallets. So far, Ukraine is known to have spent at least $15 million on military equipment and other supplies. It also plans to release an NFT collection commemorating the war, though full details have yet to be revealed.

Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.

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