Ukraine legalized cryptocurrencies and digital assets. Now all the crypto exchanges in the country are legal. President of Ukraine Volodymyr Zelensky signed a crypto legalization law today.
“The President signed the law On Virtual Assets. We are launching a legal market for virtual assets in Ukraine and bringing the crypto sector out of the grey zone”, – Ukraine’s Minister of Digital Transformation Mykhailo Fedorov wrote in his Telegram.
The Minister also mentioned that for the last three weeks Ukrainian Crypto Fund had raised more than $54 million in cryptocurrencies. The donations aimed to support the Armed Forces of Ukraine.
After passing the law, foreign and Ukrainian cryptocurrency exchanges can operate legally. Ukrainian banks can open accounts for crypto companies. Investments in virtual assets are now protected by law. And Ukrainian government guarantees judicial protection of the virtual assets rights.
According to Fedorov, crypto market is one of the most dynamic sectors of the digital economy. No other industry can boast such a strong rate of capital growth. No wonder Ukraine finally legalized cryptocurrencies and digital assets.
The crypto industry is also actively developing in Ukraine. Earlier President Zelensky sent the law On Virtual Assets for revision. He proposed to classify virtual assets services as financial services.
Now the National Bank of Ukraine will control the turnover of virtual assets secured by currency values. And the National Securities and Stock Market Commission will supervise other virtual assets, including securities and derivative financial instruments.