Ukraine President Signs Law Legalizing and Regulating Crypto Assets

Ukraine’s law “On Virtual Assets” was introduced last month and is now official. It will usher in a fully regulated crypto market in the country.

2 min read

Mar 16, 2022

Amidst its ongoing conflict with Russia, Ukrainian President Volodymyr Zelensky has officially signed a law “On Virtual Assets” legalizing cryptocurrency assets in the country.

The signed law defines what is considered a crypto asset, taps the National Bank of Ukraine and its National Commission on Securities and Stock Market as crypto regulators, and establishes other regulations surrounding who can offer cryptocurrencies and how they must be registered in Ukraine.

An earlier version of this bill was proposed last September, but President Zelensky requested changes. The Ukrainian government first introduced the revised version of the bill on February 17. Today’s signing makes the law official in the European nation.

It's important to note that crypto was not illegal in Ukraine prior to now, and also that Ukraine's announcement does not say anything about making Bitcoin legal tender in the country, so today’s move is not akin to what El Salvador has done.

Deputy Minister of Digital Transformation Alex Bornyakov tweeted that the new crypto law will play a "vital role in Ukraine's defence process."

Ukraine’s National Commission on Securities and Stock Market will work to create a national policy on cryptocurrency in the country as well as issue permits to approved distributors of cryptocurrency.

Ukraine has received close to $100 million in cryptocurrency donations as the nation continues to fight against the Russian invasion. Cryptocurrency donations have been received in Bitcoin, Ethereum, Solana, Polkadot, and even the memecoin Dogecoin.

Ukraine’s VP Mykhailo Fedorov has been a vocal supporter of cryptocurrency and crypto donations, inviting Bitcoin and Ethereum contributions to the nation’s official wallet addresses since February 26.

In its announcement of the signing of the law, Ukraine's Ministry of Digital Transformation concluded, "The signing of this Law by the President is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine."

This is a developing story, check back for updates.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

Bitwise Files for Solana ETF as SOL Nears Record Price

Crypto asset manager Bitwise has filed for a Solana (SOL) exchange-traded fund (ETF)—just as the asset closes in on a new all-time high price. The spot ETF, if approved, would give investors exposure to SOL, the fourth-biggest cryptocurrency by market cap. SOL is now trading hands for just over $255, according to CoinGecko data, after nearly touching $259 on Thursday afternoon. At today's peak, Solana was less than $1 away from its all-time high price set in 2021. Still, Bitwise will have to fi...

SEC Chair Gary Gensler to Resign When Trump Retakes White House

Securities and Exchange Commission (SEC) Chair Gary Gensler announced his resignation Thursday, throwing in the towel on efforts to reign in the digital assets industry. After leading the regulator's crypto crackdown against many major industry players, Gensler said Thursday that he will resign on January 20, 2025 as Donald Trump begins his second term, following his recent election win. “The Securities and Exchange Commission is a remarkable agency,” said Gensler, in a statement. “The staff and...

Flare Co-Founder: Decentralized Data Will Power ‘Future Value’ of Crypto Industry

Data powers the crypto industry—but the limitations of today’s oracles threaten its security, decentralization, and usability, according to Hugo Philion, Co-Founder of “blockchain for data” Flare. “There are really only very few things you can do without data,” Philion explained during his recent sitdown interview with Decrypt. “Data powers pretty much most of the value of the current use cases, and we think most of all of the future value,” in the crypto and blockchain industry. However, he ex...

News

Courses

Deep Dives

Coins

Videos