Ukrainian President Volodymyr Zelenskyy has signed a virtual assets bill into law to legalize cryptocurrencies in a country that is receiving millions in crypto donations for military and humanitarian aid in its war against Russia.

See related article: Ukraine crypto donations top $36M amid Russian invasion

Fast facts

  • The law determines the legal status for crypto assets and the market regulators — the National Bank of Ukraine and the National Commission on Securities and Stock Market, the Ministry of Digital Transformation said in a statement on Wednesday.
  • Foreign and domestic cryptocurrency service providers can operate with legal accounts in Ukrainian banks under the law, the Ministry added in a tweet.
  • Ukraine’s parliament passed the bill on Feb. 17, after Zelenskyy had rejected an earlier version of the bill in 2021.
  • Ukraine has received at least US$80 million in crypto donations from DAOs and direct crypto transfers to the government’s wallets.
  • The finance ministry is also looking to amend the country’s Tax and Civil Codes to develop the digital assets market, the statement said. 

See related article: Crypto is playing a prominent role in the Ukraine War — on both sides of the conflict