Regulations allow Ukrainian or foreign virtual currency exchanges to operate legally and banks to open accounts for crypto companies, the Twitter profile of the Ukrainian Ministry of Digital Transformation reported the day before.
In addition, it includes a regulatory framework for the opening of the first cryptoactive market in that nation, under the auspices of the National Securities Commission, and describes fines for infractions and legal protection.
The signing by the President is a vital step to bring the crypto sector out of the shadows and develop a legal market for virtual assets in the European country, the agency considered.
Since the beginning of the Russian military operation, Ukraine has received significant donations in cryptocurrencies. Experts estimate that the total amount exceeds 100 million euros in Bitcoins. In this context, the new regularization is not surprising.
Until now, cryptocurrencies were not technically illegal in Ukraine, but their operators worked in a confused and illegal environment.
The draft law on virtual assets was first approved in a near-unanimous vote in the Ukrainian parliament on September, 2021.
However, Zelenskyy argued that the costs of establishing a new regulatory body to oversee cryptocurrencies were too high, and he vetoed the project last October.
The version approved this Wednesday was ammended based on these concerns and received the support of the majority of parliament on February 17 this year.