Ukraine's President signs law bringing crypto 'out of the shadows'

The President of Ukraine, Volodymyr Zelenskyy, has signed a law that brings virtual assets such as Bitcoin 'out of the shadows.'

1 minute & 33 seconds read time

Reports indicate that the President of Ukraine has signed a new law that ushers in regulation for digital assets.

Ukraine's President signs law bringing crypto 'out of the shadows' 01

According to announcement the new law signed in by Ukrainian President Volodymyr Zelenskyy launches a legal market for virtual assets across Ukraine, and this new market will be regulated by the National Commission on Securities and Stock Market as well as the National Bank of Ukraine.

Mykhailo Fedorov, the Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine took to Twitter to write that Ukraine believes there is a bright new future with cryptocurrency, and that this legalization is a step towards bringing that future closer to reality. "We believe that crypto industry offers new economic opportunities. We will do our best to bring the bright new future closer as soon as possible," wrote Fedorov.

The signed Law:

  • determines the legal status, classification and virtual assets ownership rights;
  • determines market regulators - the National Bank of Ukraine and the National Commission on Securities and Stock Market;
  • creates conditions for further formation of the legal field in the market of virtual assets;
  • determines the list of providers of virtual assets and conditions of their registration;
  • provides for the implementation of financial monitoring measures in the sector of virtual assets.

The National Commission on Securities and Stock Market will be responsible for the following activities:

  • shaping and pursuing state policy in the field of virtual assets;
  • determining the procedure of turnover of virtual assets;
  • issuing permits to virtual asset service providers;
  • carrying out regulation, supervision and financial monitoring in this area.

Ukraine recently announce that it has spent $100 million in cryptocurrency donations on military supplies, more on that story can be found below.

Read more: Ukraine spent $100 million in crypto donations on these war supplies

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