The Ukrainian President Selenskyj signs the legal framework for crypto
The Ukrainian President Selenskyj signs the legal framework for crypto
- Ukraine has passed its law "about virtual assets" and thus paved the way for a legal cryptoma market
- The country's cryptom market is monitored by the National Securities and Stock Market Commission
Ukraine has clarified the legal status of cryptoassets with a new law that was signed on Wednesday by the state's president, Volodymyr Selenskyj.
The law sets a formal framework for the establishment of a legal market for digital assets, said the Ukrainian Ministry of Digital Transformation in A Awarding .
The Ukrainian law "about virtual assets" comes at a time when crypto donations continued to go to the country after the Russian military invasion on February 24. It is estimated that between 60 and 100 million Dollar According to Alex Bornyakov, the deputy minister of digital transformation of Ukraine, donations were received in this way.
The newly formed market is to be monitored by the National Securities and Stock Market Commission. The regulatory authority now has the task of implementing state politics that, among other things, refers to digital assets, the issuance of licenses and surveillance.
In particular, the law determines the legal status, classification and ownership of digital assets, including the market regulators. The ministry said
The Ukrainian law "about virtual assets" also stipulates that a list of providers of services for virtual assets are conducted, and regulates the conditions of their registration while it provides for financial surveillance measures.
"The signing of this law by the President is another important step to get the crypto sector out of the shadow and open a legal market for virtual assets in Ukraine," said the ministry in its explanation.
The effects of war in Ukraine were a dominant factor for market movements last month.
Hunter Horsley, CEO of the crypto asset manager Bitweise, recently told Blockworks that the war also underlines the need for decentralized solutions.
"As far as web3 is concerned, I think [The Conflict] is absolutely driven to work on the establishment of the decentralized, free -free systems of the future," said Horsley at the beginning of this month.
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The contribution "Ukrainian President Zelensky signed legal framework for crypto" is not financial advice.