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Ukraine Is Legalizing The Use of Cryptocurrency

Crypto Sector Officially Legalized in Ukraine
Despite the war, Ukraine continues to legalize crypto. The President of Ukraine, Volodymyr Zelensky, has signed Ukraine’s “On Virtual Assets” law. This law was already passed on February 17 but has not yet been signed. That has now officially happened.

“This law creates conditions for the launch of a legal market for virtual assets in Ukraine,” the text reads on the country’s government website.

What’s in it?
This law is intended to regulate crypto. Most importantly, it determines the legal status, classification, and ownership of crypto. It makes more sense for the securities commission to develop the legal field for crypto, but it has now been developed – along with industry representatives – by the Ministry of Culture.

As a result, the country will not be left behind with innovation in this ever-changing world. The law creates conditions for ‘further training of the legal field in the virtual asset market’. The country will also determine a list of crypto providers. These will be parties that are allowed to sell crypto in Ukraine.

Who is supervising?
Measures have also been developed to ensure financial supervision, and in addition, market supervisors are appointed by this law. This role will be fulfilled by the National Bank of Ukraine and the National Commission on Securities and Stock Exchanges.

This national commission is assigned various roles. One of these roles is to shape state policies for crypto – and to implement them. The committee is also the one that determines who is allowed to sell crypto. He gives the licenses to offer ‘virtual asset’ services.

The country sees this as a step in the right direction to explore the crypto landscape. “The signing of this law by the president is another important step to lift the crypto sector out of the shadows and launch a legal virtual asset market in Ukraine,” the government website said.