Ukraine President Signs Law Legalizing and Regulating Crypto Assets

Ukraine’s law “On Virtual Assets” was introduced last month and is now official. It will usher in a fully regulated crypto market in the country.

By Kate Irwin

Amidst its ongoing conflict with Russia, Ukrainian President Volodymyr Zelensky has officially signed a law “On Virtual Assets” legalizing cryptocurrency assets in the country.

The signed law defines what is considered a crypto asset, taps the National Bank of Ukraine and its National Commission on Securities and Stock Market as crypto regulators, and establishes other regulations surrounding who can offer cryptocurrencies and how they must be registered in Ukraine.

An earlier version of this bill was proposed last September, but President Zelensky requested changes. The Ukrainian government first introduced the revised version of the bill on February 17. Today’s signing makes the law official in the European nation.

It's important to note that crypto was not illegal in Ukraine prior to now, and also that Ukraine's announcement does not say anything about making Bitcoin legal tender in the country, so today’s move is not akin to what El Salvador has done.

Deputy Minister of Digital Transformation Alex Bornyakov tweeted that the new crypto law will play a "vital role in Ukraine's defence process."

Ukraine’s National Commission on Securities and Stock Market will work to create a national policy on cryptocurrency in the country as well as issue permits to approved distributors of cryptocurrency.

Ukraine has received close to $100 million in cryptocurrency donations as the nation continues to fight against the Russian invasion. Cryptocurrency donations have been received in Bitcoin, Ethereum, Solana, Polkadot, and even the memecoin Dogecoin.

Decrypting the Week 10: Ukraine Welcomes Crypto

As Russia’s invasion of Ukraine continues, Ukraine has raised more than $50 million in crypto donations—in Bitcoin, Ethereum, Polkadot, and even Dogecoin. Decrypt’s Dan Roberts, Scott Chipolina, and Kate Irwin, joined by special guest Izabella Kaminska of The Blind Spot, discuss the biggest story in the world right now.

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Ukraine’s VP Mykhailo Fedorov has been a vocal supporter of cryptocurrency and crypto donations, inviting Bitcoin and Ethereum contributions to the nation’s official wallet addresses since February 26.

In its announcement of the signing of the law, Ukraine's Ministry of Digital Transformation concluded, "The signing of this Law by the President is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine."