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Has Ukraine legalised the crypto sector?

President Volodymyr Zelensky signed the Law of Ukraine “On Virtual Assets,” which was “approved by the Verkhovna Rada of Ukraine on February 17,” according to Ukraine’s Ministry of Digital Transformation.

The Ministry of Digital Transformation noted in a news statement released at 3:14 p.m. UTC that this law “creates conditions for the creation of a legal market for virtual assets in Ukraine” and that “the new market will be controlled by the National Securities and Stock Market Commission.”

It went on to explain the following about what the new law accomplishes:

  • This determines a virtual asset’s legal status, classification, and ownership.
  • This determines market regulators—the National Bank of Ukraine and the National Commission on Securities and Stock Market—and creates circumstances for the legal field in the virtual asset market to continue to develop.
  • It also defines the list of virtual asset providers and the terms of their registration, and allows for the installation of financial monitoring measures in the virtual asset field.

The National Commission on Securities and the Stock Market will also be involved in the legalisation process in the following ways:

  • Create and carry out governmental policy on virtual assets
  • Define the order of virtual asset turnover
  • Provide virtual asset service providers with permits
  • Control, manage, and financially monitor this region

Read more: Ukraine teams up with FTX and Everstake for cryptocurrency donations

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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