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 Mar 18, 2022 at 2:15 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Trending

1
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
2
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
3
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown
4
CoinDesk - Unknown
Cosmos-Builder Ignite Cuts Headcount by More Than 50%, Ex-Employees Say

The reductions come amid a crypto market crash, and after the return of Ignite’s controversial ex-CEO.

CoinDesk - Unknown