On Wednesday, March 16, President Of Ukraine Volodymyr Zelenskyy signed a law in Ukraine on virtual assets, after a large number of donations, Ukraine has received more than $100M in crypto donations, which include NFTs (Non-Fungible-Token) & cryptocurrencies to support Ukraine and its defense against the Russian invasion.
How it will be done
The market for crypto will be regulated by The National Commissions on Securities and Stock Market. Said on a statement posted on Wednesday, March 16, which can be found here. They will also be responsible for 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, carrying out supervision and financial monitoring in this area.
“Ukraine has legalized the crypto sector — Volodymyr Zelensky signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine.” said The Ministry of Digital Transformation of Ukraine in a tweet which can also be found here.
“Today, the potential of the global crypto industry is determined by billions of investments. Its growth rate is ahead of traditional sectors of the economy. In Ukraine, the virtual asset market can become a powerful sector of the digital economy. Thanks to the adopted Law, we have every chance to be a leading country for business development in this innovative field,” said Deputy Minister of Digital Transformation for IT Development Oleksandr Bornyakov.
“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global market for virtual assets. Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. There will appear a transparent mechanism for investing in a new asset class,” said Deputy Prime Minister of Digital Transformation Mykhailo Fedorov.
Ukraine has received more than $100 Million over the past 3 weeks in crypto assets to support Ukraine.
Also published here.