Ukrainian President Volodymyr Zelenskyy signed a law on virtual assets, passed by parliament with his proposals on 17 February.
The signing of the law is an important step towards deshadowing the crypto sector, launching a legal market for virtual assets and strengthening the Ukrainian economy. This was announced by the Minister of Digital Transformation Mykhailo Fedorov on Facebook.
He explained what this document would change:
- foreign and Ukrainian cryptocurrencies will operate legally;
- banks will open accounts for crypto companies;
- Ukrainians will be able to declare their income in virtual assets.
The National Commission on Securities and Stock Market will:
- formulate and implement a policy in the field of virtual assets;
- determine the order of circulation of virtual assets;
- issue permits to virtual asset service providers;
- carry out supervision and financial monitoring in this area.
"During more than three weeks of war the Crypto Fund of Ukraine has raised over 54m dollars in cryptocurrencies. Every helmet, armor and night optics bought for cryptocurrencies save the lives of our soldiers," the minister said.
The law on virtual assets, also known as the law on bitcoin, gives legal status to virtual assets, transactions with them, defines the rights and obligations of all market participants. The bill in the second reading was passed in September 2021. A month later, the president vetoed it. Zelenskyy provided parliament with a list of proposals to improve the document. In particular, he proposed to include the regulation of the circulation of virtual assets in the competence of the National Commission on Securities and Stock Market