The country's National Securities and exchange Commission can confirm policies on digital assets, issue licenses to crypto firms and act as a monetary watchdog
Volodymyr Zelenskyy, the president of Ukrayina presently based mostly in Kyiv, has signed a law establishing a legal framework for the country to control a regulated crypto market.
In a Wed announcement, Ukraine’s Ministry of Digital Transformation said Zelenskyy signed a bill named “On Virtual Assets,” 1st adopted by the country’s assembly, the Verkhovna Rada, in February. Crypto exchanges and companies handling digital assets are going to be needed to register with the govt to control lawfully in Ukrayina, and banks are going to be allowed to open accounts for crypto companies.
The law endows Ukraine’s National Securities and stock exchange Commission with the ability to see the country’s policies on digital assets, issue licenses to businesses handling crypto and act as a money watchdog. the govt agency extra that Ukraine’s Ministry of Finance was additionally operating towards amending the country’s tax and civil codes to accommodate the legal framework for digital assets.
“The sign language of this law by the president is another vital step towards delivery the crypto sector out of the shadows and launching a legal marketplace for virtual assets in Ukrayina,” same the Ministry of Digital Transformation.
Cryptocurrency has become a significant issue within the country's current fight against Russia following the invasion on Feb. 24, with several donating on to country for humanitarian causes and funding the military. At that point, the full service bank of country aforementioned that it had restricted money withdrawals at banks, mounted the exchange rate of the country’s Ukranian monetary unit currency and suspended the issue of electronic cash.
( Turner Wright, Cointelegraph, 2022 )