Ukrainian President Zelensky signs a bill to legalize cryptocurrencies



Ukrainian President

Volodymyr Zelensky, who has been invaded by Russia , has signed a bill to legalize cryptocurrencies domestically. The Ukrainian government also accepts donations in cryptocurrencies, and this bill will determine the legal status, ownership, regulatory authorities, etc. of cryptocurrencies.



Україна легалізувала криптосектор — Президент підписав профільний Закон |
https://thedigital.gov.ua/news/ukraina-legalizuvala-kriptosektor-prezident-pidpisav-profilniy-zakon

Is crypto legal in Ukraine? Zelenskyy signed a law --Protocol
https://www.protocol.com/bulletins/ukraine-crypto-legal

Ukraine's Zelenskyy Signs Virtual Assets Bill Into Law, Legalizing Crypto
https://www.coindesk.com/policy/2022/03/16/ukraines-zelensky-signs-virtual-assets-bill-into-law-legalizing-crypto/

Ukraine, which has been fiercely resisting Russia's military invasion that began on February 24, 2022, is accepting donations in virtual currencies such as Bitcoin and Ethereum. Major cryptocurrency exchanges and NFT collections have also announced support, and it is reported that the total donation amount exceeded 100 million dollars (about 11.8 billion yen) on March 10.

The Ukrainian government has started accepting donations in virtual currencies such as Bitcoin and Ethereum to fight the Russian army, more than 3 billion yen has gathered in an instant and it is exploding further --GIGAZINE



Meanwhile, Ukrainian President Volodymyr Zelensky signed a bill allowing the legalization of cryptocurrencies. The bill was passed by the Ukrainian Parliament on February 17, before Russia began its military invasion, and Deputy Prime Minister Mykhailo Fedorov, who also serves as Minister of Digital Transformation, said at the time, 'This new law is for the development of our business. This is a new opportunity for foreign and Ukrainian virtual currency companies to be able to operate legally and Ukrainians to have convenient and secure access to the global market for virtual currency. Market participants are legally protected. And we have the opportunity to make decisions based on open consultations with government agencies. '

In this bill, in addition to determining the legal status, classification, ownership, etc. of cryptocurrencies, the Ukrainian Securities and Stock Market Commission will become the regulator of the cryptocurrency market, overseeing the distribution of cryptocurrency-related policy decisions, and providing service providers. It is also stipulated that you will be responsible for the approval of. Cryptocurrency service providers licensed by regulatory agencies can legally operate their businesses in Ukraine and can also open a Ukrainian bank account.

In Ukraine, a bill on the legalization of cryptocurrencies was submitted in 2020, but the bill at that time was that the Ministry of Digital Transformation was the regulator of the cryptocurrency business, not the Securities and Stock Market Commission. In response, President Zelensky remanded the bill, saying, 'Cryptocurrencies have the characteristics of financial products and should be regulated by financial market regulators.' The bill signed this time is an amendment of the bill at that time at the request of President Zelensky.



In addition, in connection with the sanctions on Russia and Belarus due to this military invasion, there are concerns that 'virtual currency may be a loophole in sanctions', but in the EU, virtual currency is 'transferable'. The sanctions on Russia and Belarus also apply to cryptocurrencies, as they apply to 'securities.'

EU Says Russia, Belarus Sanctions Extend to Crypto
https://www.coindesk.com/policy/2022/03/09/eu-says-russia-belarus-sanctions-extend-to-crypto/

Russian, Belarus Economic Sanctions Apply to Crypto: European Commission --Decrypt
https://decrypt.co/94698/russian-belarus-economic-sanctions-apply-crypto-european-union

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