JUST IN: Cryptocurrency now legal in Ukraine

JUST IN: Cryptocurrency is now legal in Ukraine amid the ongoing war with Russia.

UKRAINE President Volodymyr Zelenskyy announced on Wednesday, March 16 that cryptocurrency was now legal in the country after receiving tens of millions in donations from individuals and groups amid the ongoing war with Russia.

Zelenskyy signed a bill that was approved by Ukraine’s parliament last month, the legislation “creates conditions for the launch of a legal market for virtual assets in Ukraine,” as reported by the Verge.

In a post shared on Telegram, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov, said the law would “bring the crypto sector out of the shadows.”

“With the beginning of the war, cryptocurrencies became a powerful tool for attracting additional funding to support the Armed Forces of Ukraine,” Fedorov wrote.

“In more than three weeks of war, the Crypto Fund of Ukraine has raised more than $54 million (€48 million) in cryptocurrencies.”

Since it was approved in Ukraine’s parliament last month, the Ministry of Digital Transformation has been developing the legal framework – with issues around the legal status, classification, and ownership rights of virtual assets, as well as the list of virtual asset providers and the terms of their registration – apparently been worked out.

To this point, “the Ministry of Digital Transformation is also actively working to amend the tax and civil codes of Ukraine to fully launch the virtual assets market,” a government statement said.

“Ukraine has legalised the crypto sector. From now on, foreign and Ukrainian cryptocurrency exchanges will operate legally and banks will open accounts for crypto companies,” the government tweeted.

Now that it is legal, Ukraine’s Ministry of Digital Transformation has launched the “Aid For Ukraine” project.

The aim of the project is to raise $200 million (€181 million) in Bitcoin and cryptocurrency donations for the Ukrainian government, according to coincu news.

The news outlet also notes that the Ukrainian government has developed a website, powered by crypto staking platform Everstake, in collaboration with crypto exchanges FTX and Kuna, in order to optimise donations.

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Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]


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