Ukraine legalizes cryptocurrencies, banks can open cryptocurrency accounts

Countries responded to Ukrainian President Volodymyr Zelensky’s appeal to donate Ukrainian bitcoin and other cryptocurrencies for military spending, enabling Ukraine to raise more than $100 million in cryptocurrency donations in less than a month. Ukraine officially passed the cryptocurrency legalization bill on the 16th, local banks can open cryptocurrency accounts, and institutions providing services for cryptocurrencies can also register under specified conditions. The outside world said that Ukraine’s legalization of cryptocurrencies would make it easier to circulate cryptocurrency donations received.

The official Twitter of the Ministry of Digital Transformation of Ukraine on the 16th stated that President Zelensky signed the law on the legalization of cryptocurrencies, foreign and Ukrainian cryptocurrencies can be legally operated in Ukraine, banks can provide cryptocurrency accounts, and institutions providing services for cryptocurrencies can also be registered in Ukraine. Registration under specified conditions describes the New Deal as a milestone in the development of cryptocurrencies in Ukraine.

The statement stated that the bill establishes the legal status, classification and ownership of cryptocurrencies in Ukraine, and the cryptocurrency market will be regulated by the National Securities and Stock Market Committee of Ukraine (NSSMC) and the National Bank of Ukraine (NBU). The NSSMC will be responsible for formulating and implementing cryptocurrency-related policies, ensuring the orderly circulation of cryptocurrencies, and issuing regulatory and financial oversight licenses for institutions that provide services for cryptocurrencies. The bill signed by Zelensky will take effect on the date the amendments to the tax code take effect.

The Ukrainian parliament unanimously approved a draft legalization of cryptocurrencies in September last year, but Zelensky refused to sign it at the time, citing the lack of transparency in the regulator and its inability to protect investors. The final draft was reconsidered in February this year.

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