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President of Ukraine Volodymyr Zelensky on Wednesday signed the Law “on virtual assets,” which legalizes the use of cryptocurrencies and was adopted by the Verkhovna Rada of Ukraine on February 17. This was reported by the Ukrainian Ministry and Committee for Digital Transformation.
The agency made the announcement on social networks and explained that the Ministry of Finance is also actively working to amend the Tax and Civil Codes of Ukraine to fully launch the virtual assets market. The decision comes amid a crisis generated by Russia’s invasion of Ukrainian territory.
“Zelensky signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine,” the Ministry and Committee for Digital Transformation wrote in a statement.
Use of cryptocurrencies in Ukraine
The ministry also detailed that the initiative “creates conditions for launching a legal virtual asset market in Ukraine. The new market will be regulated by the National Securities and Stock Market Commission.”
Similarly, the law determines the market regulators: the National Bank of Ukraine and the National Securities and Stock Market Commission. In addition, it creates conditions for further formation of the legal field in the market of virtual assets.
An article published by El American details that cryptocurrencies have played a historic role during the Ukrainian war, so much so that it has caught the attention of Ukrainian authorities. “I spoke with the governor of the Central Bank and we discussed whether or not we should legalize cryptocurrencies as a payment system, as cryptocurrencies are now used quite effectively, for many commercial transactions,” former Ukrainian Minister of Economic Development, Tymofiy Mylovanov, explained to the media outlet.