Donations in Digital Currencies Force Ukraine to Legalize Cryptocurrencies

Since the Russian invasion , Ukraine has received millions of donations in cryptocurrencies , thus it has now legalized blockchain -based digital currencies .

Advertisements

Since the war against Russia began at the end of February, Ukraine has not stopped receiving millions of crypto donations . For that reason, Ukrainian President Volodymyr Zelensky  signed a bill on virtual assets, in order to allow the country to establish and regulate a crypto market .

“From now on, foreign and Ukrainian cryptocurrency exchanges will operate legally, and banks will open accounts for cryptocurrency companies ,” the Ukrainian Ministry of Digital Transformation said.

Mykhailo Fedorov, Minister of Digital Transformation of Ukraine said:   “The signing of this law by the president is another important step in bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

Cryptocurrencies at war

Cryptocurrency owners who wish to donate digital assets to Ukraine will be able to do so through a recently launched official donation program , with the goal of raising $200 million .

It is worth mentioning that the use of cryptocurrencies was not illegal, but by giving it legal status, it allows opening new avenues of income for the government in addition to guaranteeing the safety of users under regulations.

According to the Ukrainian government statement, the Ukrainian stock market will be tasked with policing cryptocurrency exchanges and the National Securities Market Commission will have to outline a policy for virtual assets.

In addition, the Ministry of Finance of Ukraine will modify the tax and civil codes so that the government extracts the respective taxes.