Ukraine legalizes cryptocurrency after receiving millions in crypto donations

Ukrainian President has signed a bill, legalizing cryptocurrencies in the country after it received huge amounts in cryptocurrency donations, TheVerge reported. 

Ukrainian President has signed a bill to legalize cryptocurrency in the country.  Volodymyr Zelensky made the decision after the country received millions of dollars in donations in cryptocurrencies. Individuals and groups came ahead and donated to help the country in its war against Russia.

Ukrainian parliament had approved the bill last month, the bill would create conditions for the launch of a legal market for virtual assets in Ukraine. The passage of the bill would allow banks to open accounts for crypto firms, appoint the Ukrainian central bank and National Commission on Securities and Stock Market as the sectors’ financial watchdogs.

CoinTelegraph reported that the bill ensures that all crypto exchange companies would be obligated to register with the government. The state will protect its citizens’ cryptocurrency holdings with a similar legal force as the local currency.

Ukraine has legalized the crypto sector — @ZelenskyyUa 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. pic.twitter.com/lqqO1J9r1k

— Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022

“Bring the crypto sector out of the shadows,” said Ukrainian Vice President Mykhailo Federov in a post shared over Telegram.

Federov wrote that “With the beginning of the war, cryptocurrencies became a powerful tool for attracting additional funding to support the Armed Forces of Ukraine.”

He added that “In more than three weeks of the war, the Crypto Fund of Ukraine has raised more than $54 million in cryptocurrencies.”

Several outlets have reported that the Ukrainian government has received over $100 million in cryptocurrencies donations amid it e conflict with Russia.

Also Read: ‘Be ready to lose all your money in crypto’