Ukrainian President Volodymyr Zelensky has signed into legislation a invoice named “On Digital Belongings” that was accredited by the nation’s parliament a month in the past. It established a authorized framework for the nation to function a regulated crypto market.
Cryptocurrency exchanges and corporations dealing with cryptoassets will now be required to register with the federal government to legally function in Ukraine, whereas banks will probably be allowed to open accounts for crypto corporations.
The legislation additionally permits Ukraine’s Nationwide Securities and Inventory Market Fee to find out the nation’s insurance policies on cryptoassets and act as a monetary watchdog. Notably, Ukraine already ranked fourth in Chainalysis’ 2021 International Crypto Adoption Index earlier than the transfer.
The Ukrainian parliament handed a legislation legalizing cryptocurrencies again in September, however on the time President Zelensky vetoed the invoice saying the nation couldn’t afford a brand new regulatory physique to handle it.
Zelensky’s approval of the brand new invoice got here after the nation acquired over $100 million in cryptocurrency donations within the weeks since Russia began invading it.
Additionally printed on Medium.