Ukraine joins the list of countries that allow its citizens to freely trade Bitcoin and other digital assets. President Volodymyr Zelensky today signed a law on virtual assets, which refers this market to the regulation of the National Securities and Stock Market Commission and the National Bank of Ukraine (NBU).
This comes as no surprise as crypto assets have become a powerful tool for attracting additional funding in support of the Armed Forces of Ukraine. Mykhailo Fedorov, the Deputy Prime Minister of Ukraine said that During the three weeks of the war, the Crypto Fund of Ukraine raised more than $54 million in crypto assets.
In appreciation of such assets, the president has signed the law on virtual assets which will help facilitate a legal market for virtual assets in the country and bring the crypto sector out of the shadows.
How will Bitcoin and Other Digital Assets Benefit From This Law?
The Ministry of Digital Transformation of Ukraine revealed that the bill will allow foreign and Ukrainian crypto exchanges to work legally. Additionally, the state will guarantee judicial protection of rights to virtual assets.
The new law will allow banks to open accounts for crypto companies and Ukrainians will be able to protect their savings in virtual assets. The bill will ensure that the National Securities and Stock Market Commission will formulate and implement a policy in the field of virtual assets, thereby regulating the market.
Not The First
Ukraine follows El Salvador in legallizing virtual assets. The Central American country of El Salvador will become the first country to declare Bitcoin legal tender, according to an announcement by President Nayib Bukele at the Bitcoin Conference in Miami.
