Ukraine Officially Legalizes Cryptocurrencies, After Over $100M Donations

Having received over US$100 million in cryptocurrency donations since the invasion begun, Ukrainian President Volodymyr Zelenskyy has signed a bill into law legalizing digital currencies. 

According to Engadget, this means cryptocurrency exchanges will now be allowed to operate within the country, and even open accounts in Ukrainian banks. 

“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,” said Ukraine’s Ministry of Digital Transformation. 

Despite the flooding in of donations, cryptocurrency was still operating in a gray space in Ukraine, with citizens and companies not being allowed to own or trade digital assets in the market. Before the current bill passed, Zelenskyy had rejected an earlier version from September 2021. 

With the new law in place, it’s expected that the country will now set up a legal framework of how cryptocurrency can be used, with the National Bank of Ukraine and the National Commission on Securities and Stock Market having oversight on its proceedings. 

[via Engadget and Coindesk, cover image via Dušan Zidar | Dreamstime.com]