A new law in Ukraine shows the president's willingness to bring crypto 'out of the shadows,' and into the country's legal infrastructure.
Volodymyr Zelenskyy, the president of Ukraine currently based in Kyiv, has signed a law establishing a legal framework for the country to operate a regulated crypto market.Zelenskyy signed a bill named “On Virtual Assets,” first adopted by the country’s legislature, the Verkhovna Rada, in February. Crypto exchanges and firms handling digital assets will be required to register with the government to operate legally in Ukraine, and banks will be allowed to open accounts for crypto firms.
The law endows Ukraine’s National Securities and Stock Market Commission with the power to determine the country’s policies on digital assets, issue licenses to businesses dealing with crypto and act as a financial watchdog. The government agency added that Ukraine’s Ministry of Finance was also working towards amending the country’s tax and civil codes to accommodate the legal framework for digital assets.
“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 the Ministry of Digital Transformation.
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