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President Zelensky of Ukraine signs a legal framework for cryptocurrency

A new law issued by Ukraine’s President, Volodymyr Zelensky, on Wednesday clarified the legal status of cryptoassets.

According to Ukraine’s Ministry of Digital Transformation, the law establishes a legislative framework for the creation of a legal market for digital assets.

Ukraine’s “virtual assets” bill comes as crypto donations continue to pour into the country in the aftermath of Russia’s armed incursion on Feb. 24. According to Ukraine’s deputy minister for Digital Transformation, Alex Bornyakov, between $60 and $100 million in donations have been collected this manner.

The National Securities and Stock Market Commission will oversee the newly formed market. The regulator is now in charge of enforcing state policy on digital assets. Also, providing licenses and overseeing the industry.

The law, which includes market regulators, governs the legal status, classification, and ownership of digital assets. According to the ministry, it will also establish conditions for “further formation” of the country’s digital asset market.

Ukraine’s “On Virtual Assets” law also mandates the keeping of a list of virtual asset service providers. Then, and the regulation of their registration criteria, as well as financial monitoring.

“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,”
So, the ministry says in its statement.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.