Ukraine legalized the crypto sector

16.03.2022 16:56
by Anđelija Anđelić
1 min read

President Zelensky signed the law which legalized the crypto sector in Ukraine the day before. This was in the works even before the conflict with Russia. The bill was passed in the Parliament with 272 votes out of 450.

What will change:

▪️ Foreign and Ukrainian crypto exchanges will work legally;

▪️ Banks will open accounts for crypto companies;

▪️ Ukrainians will be able to protect their savings in virtual assets;

▪️ The state will guarantee judicial protection of rights to virtual assets.

The National Securities and Stock Market Commission will:

▪️ Form and implement a policy in the field of virtual assets;

▪️ Determine the order of turnover of virtual assets;

▪️ Give permissions to VA service providers;

▪️ To carry out supervision and financial monitoring in this area.

Legalizing is a step towards deshadowing the crypto sector and launching a legal virtual asset market in Ukraine. It can also help Ukraine to gather the necessary funds in the mids of a war with Russia. According to some blockchain analysts, the Ukrainian government – and supporting NGOs – have received more than $24 million in cryptocurrency donations so far.

Author

  • Anđelija Anđelić is an Italian language and lit major, and investigative journalist with a special interest in the crypto world and tech innovations. Exploring the ways our world is changing and bringing the freshest info is her passion.

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