Ukraine's Zelenskyy Signs Virtual Assets Bill Into Law, Legalizing Crypto

Ukraine has received $100 million in crypto donations during its war with Russia.

AccessTimeIconMar 16, 2022 at 4:15 p.m. UTC
Updated Dec 6, 2022 at 2:50 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 law determines the legal status, classification, ownership and regulators of virtual assets, as well as setting registration requirements for crypto services providers, the Ministry of Digital Transformation said in a statement Wednesday.
  • The market will be regulated by Ukraine's National Commission on Securities and the Stock Market. Exchanges will be able to operate legally, and banks will open accounts for them, the digital ministry said in a tweet.
  • The state body is tasked with "shaping and pursuing a policy in the field of virtual assets; determining the order of circulation of virtual assets; issuing permits to virtual asset service providers; and carrying out supervision and financial monitoring in this area," according to a Feb. 17 government announcement.
  • Ukraine has received at least $100 million in crypto donations over the past three weeks from people who want to support its defense and help fund humanitarian efforts.
  • The bill passed through parliament on Feb. 17 after Zelensky rejected an earlier version approved in September 2021.
  • The Ministry of Finance is working on amendments to the country's tax and civil codes to fully launch the market for virtual assets, the statement said.




Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.