Ukrainian president Volodymyr Zelenskyy has passed a law that makes cryptocurrency legal in the country
Representational image. AFP
Ukrainian president Volodymyr Zelenskyy has passed a law that makes cryptocurrency legal in the country.
The law comes at a time when the country has been receiving digital asset donations to support its defence against the Russian invasion. According to Coindesk, Ukraine has so far received at least $100 million in crypto donations over the past three weeks since Russia began its military operation in the country.
Days since the Russian invasion, Ukraine has been accepting donations in cryptocurrencies, including dogecoin, solana, bitcoin, ether, and a stablecoin called tether. Stablecoins are digital currencies tied to real-world assets such as fiat currency
According to Ukraine’s Ministry of Digital Transformation, the law will allow foreign and Ukrainian cryptocurrencies exchanges to operate legally in the country.
What is the new cryptocurrency law and what does it mean for Ukraine as it faces military onslaught from Russia, let’s take a look:
What is the new cryptocurrency law?
As per a statement issued by the Ministry of Digital Transformation, the law determines the legal status, classification, ownership and regulators of virtual assets, as well as setting registration requirements for crypto services providers.
The digital ministry said in a tweet that banks will now be able to open accounts for crypto companies.