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Ukraine legalizes cryptocurrency as President Zelenskyi signs the bill

On March 17, President of Ukraine Volodymyr Zelenskyi signed the Law on Virtual Assets, which legalizes the sphere of cryptocurrencies in the country.

This bill was revised several times and returned to the President with proposals at the final stage. On February 17, Verkhovna Rada finally passed the law.

What happens next?

The Ministry of Digital Transformation explained what сhanges the final version of this law would bring:

  • foreign and Ukrainian cryptocurrencies can now operate legally;
  • banks can open accounts for crypto companies;
  • Ukrainians will be able to protect their virtual assets savings;
  • the state guarantees judicial protection of rights to virtual assets.

The National Securities and Stock Market Commission will act as the regulator of the virtual assets market in Ukraine. The authorized regulator will:

  • formulate and implement policies in the virtual assets sector;
  • determine the turnover order of virtual assets;
  • issue permits to virtual asset service providers;
  • carry out supervision and financial monitoring in this area.

“This is another important step towards de-shadowing the crypto sector and launching a legal market for virtual assets in Ukraine,”

the Ministry of Digital Transformation notes.

Market players’ reaction

Market players are positive on the law.

“Thanks to this law, any market operator will be able to provide a wider range of services. Additionally, they can fully integrate their services with government and banking institutions. This will help attract innovative projects, global giants, and promising local cryptocurrency startups to the Ukrainian industry. Ukrainian traders will be confident in their assets safety, provided at the legislative level. Regulation of this industry is a very important step for Ukraine as a progressive and European state,”

Sergei Zhdanov, CEO of the international cryptocurrency exchange EXMO comments on the law.

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