Ukraine’s President passes the crypto bill “On Virtual Assets” into Law

Before the commencement of the war between Ukraine and Russia, Ukraine’s parliament passed a bill for legalizing cryptocurrencies like Bitcoin and Ethereum. A framework was prepared with respect to regulating and management of globally operated cryptocurrencies.

According to the latest news today, Ukraine’s president Volodymyr Zelenskyy has signed the bill into law naming ‘On Virtual Assets’. This law will eventually establish a legal framework in Ukraine to operate a modulated crypto market.

Cryptocurrencies are playing a major role in ongoing war situations between the two nations. Additionally, many NGOs and government organizations have donated thousands of millions of dollars towards humanitarian causes in Ukraine. Amidst the war, Ukraine has received over $100million in the form of cryptocurrencies through various DAOs, crypto organizations to support its defense army.

More ‘On Virtual Asset’ Law

The law equips the country’s National Securities and Stock Market Commission to lead policies on digital assets. The Stock Market Commission will also play a major role in issuing licenses to crypto businesses in the country. Also, Ukraine’s government is determined to add the legal structure of digital assets into the country’s tax and civil codes law. Further, the state body will go to look after the circulation of virtual assets along with supervision and financial monitoring.

The law determines the legal status, classification, ownership and regulators of virtual assets, as well as setting registration requirements for crypto services providers.

Ministry of Digital Transformation, Ukraine

However, the National Bank of Ukraine has started to limit cash withdrawals and fix the foreign exchange rate of the country’s hryvnia currency. Also, the banks have suspended the issuance of all electronic money.

Ukraine’s largest crypto exchange Kuna launched a donation platform ‘Everstake’ with the help of FTX. Everstake lets users send numerous cryptocurrencies for donating to support people in the war. According to statistics, users have sent more than $54 million in crypto. The goal of the platform is to achieve $200 million for donation and has touched roughly 27% of it.