Ukrainian President Volodymyr Zelensky has signed a law that effectively begins to regulate the crypto market in the country.
The country has been receiving increasing amounts of crypto donations to support its efforts against Russian aggression.
On Wednesday, Ukraine’s Ministry of Digital Transformation confirmed that Zelensky had signed the order. The bill, titled On Virtual Assets, was first voted in at the Verkhovna Rada, the Ukrainian parliament, in February.
Now, the law states that crypto exchanges and firms that deal with digital assets have to register with the government in order to be allowed to operate legally in Ukraine.
Ukraine’s National Securities and Stock Market Commission has been appointed as the body that will regulate and oversee the industry, set licensing conditions, and extend licensing permits.
The ministry released an official statement in which it explained the implications of the law. “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”, it said.
Meanwhile, Ukraine has received a range of donations through cryptocurrencies. Most of those have gone towards humanitarian and relief efforts, with some allocated to the country’s military.
Today is the twenty-third day of the war, and it’s estimated that millions have been transferred to the Ukrainian government in the form of digital assets.
In the meantime, crypto exchanges around the world said that they would not restrict access to Russian crypto accounts – unless they are asked by law.
However, both the US and Europe, and even Japan, have cautioned crypto exchanges not to allow sanctioned individuals use digital assets through their platforms.
You may help the aid effort by donating crypto to Save the Children. More than three million people have been displaced in the country since hostilities began on February 24.