Ukraine Legalised Cryptocurrency

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Ukraine Legalised Cryptocurrency
17 Mar 2022
6 min read

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News Synopsis

Amid the ongoing conflict with its neighbour- Russia, Ukraine has legalized cryptocurrency in the country. This move came after it received huge donations in the form of cryptocurrency since Russia started its invasion. A couple of days back, Ukraine’s President Volodymyr Zelenskyy signed a virtual assets bill. This Bill will allow the country to set up and regulate the crypto market. Ukraine’s Ministry of Digital Transformation later tweeted, “From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies.” It also informed that Ukraine’s stock market regulators will be keeping a watchful eye on its crypto market. According to the announcement made in February by the Government of Ukraine, Ukraine’s National Securities and Stock Market Commission will also be tasked with outlining a policy for virtual assets. After the Russian invasion of Ukraine, the country received over $100 million in donations in the form of cryptocurrency. After the legalization, Kuna, Ukraine’s first cryptocurrency exchange will now be able to convert the cryptocurrency to Ukraine’s legal tender, Hryvnia.