Ukrainian President Volodymyr Zelenskyy has signed a bill into law that legalizes and regulates crypto assets as the nation contends with Russian aggression.
According to a statement made by Ukraine’s Ministry of Digital Transformation, the embattled nation has signed a bill into law to create a legal crypto industry regulated and supervised by the country’s National Securities and Stock Market Commission.
“[The] Signed Law:
Determines the legal status, classification and ownership of virtual assets;
Determines market regulators – the National Bank of Ukraine and the National Commission on Securities and Stock Market;
Creates conditions for further formation of the legal field in the market of virtual assets;
Determines the list of providers of virtual assets and conditions of their registration;
Provides for the implementation of financial monitoring measures in the field of virtual assets.”
The regulatory agency would be in charge of forming and implementing state policies in the crypto industry, determining the order of turnover for digital assets, issuing permits to companies that provide virtual assets, and financially supervising the sector, according to the press release.
Ukraine had previously taken steps towards regulating crypto assets. The nation’s Parliament passed a bill last September to start the legal motions of recognizing and regulating Bitcoin (BTC) and other digital assets.
As Ukraine’s Minister of Digital Transformation Mykhailo Fedorov said about the nation taking steps to adopt cryptocurrencies at the time,
“Only a few countries in the world have legalized crypto assets – Germany, Luxembourg, Singapore. Ukraine will be one of them.”
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