Ukrainian President Volodymyr Zelensky has signed into law a bill named “On Virtual Assets” that was approved by the country’s parliament a month ago. It established a legal framework for the country to operate a regulated crypto market.
Cryptocurrency exchanges and companies handling cryptoassets will now be required to register with the government to legally operate in Ukraine, while banks will be allowed to open accounts for crypto firms.
The law also allows Ukraine’s National Securities and Stock Market Commission to determine the country’s policies on cryptoassets and act as a financial watchdog. Notably, Ukraine already ranked fourth in Chainalysis’ 2021 Global Crypto Adoption Index before the move.
The Ukrainian parliament passed a law legalizing cryptocurrencies back in September, but at the time President Zelensky vetoed the bill saying the country couldn’t afford a new regulatory body to manage it.
Zelensky’s approval of the new bill came after the country received over $100 million in cryptocurrency donations in the weeks since Russia started invading it.
Also published on Medium.
