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.'

@JakConnorTT
Published Thu, Mar 17 2022 4:50 AM CDT   |   Updated Wed, Apr 13 2022 6:33 AM CDT

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 | TweakTown.com

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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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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