Cryptocurrencies are legal in Ukraine

Ukraine’s President, Volodymyr Zelensky, has signed a crypto bill called On Virtual Assets, which sets up the country’s legal framework for managing the regulated crypto market.

A month ago, the Verkhovna Rada approved this bill to legalize cryptocurrencies and prepare a framework for its regulation and management.

Platforms and companies dealing with digital assets are required to register with the government to operate legally in Ukraine. Banks are allowed to open accounts for crypto companies.

The law gives the National Securities and Exchange Market of Ukraine the ability to determine state policies on digital assets, issue licenses to companies that deal in cryptocurrency, and act as a financial regulator.

The Verkhovna Rada had previously passed a law legalizing cryptocurrency in September. But President Zelensky vetoed the bill shortly thereafter. He said at the time that the country could not afford to set up a new regulatory body to manage cryptocurrency.

FTX, Kuna, and Everstake partnered with Ukrainian government officials to launch a user donation site. The site accepts donations in Bitcoin, Ether, Tether, Polkadot, Solana, Dogecoin, Monero, Icon and Neo.

The New York Times spoke about Ukraine a few months ago, describing it as the cryptocurrency capital of the world.

We aim to become one of the best jurisdictions in the world for crypto companies,” Alex Bornyakov, the one-year-old deputy minister in Ukraine’s Ministry of Digital Transformation said at the time. We think this is the new economy, and this is the future. And we think that’s something that boosts our economy.

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