The president of Ukraine signs a law allowing cryptocurrencies in the nation.
Ukraine’s President, Volodymyr Zelensky, has officially ratified the framework on which the country would establish cryptocurrency markets and legalise the burgeoning market.
In order to conduct business legally in Ukraine, crypto exchanges and companies handling digital assets will now need to register with the government, and banks will be able to open accounts for crypto businesses, according to reports from Coindesk, Cointelegraph, and other publications with a focus on digital assets.
According to reports, the new law also gives Ukraine’s National Securities and Stock Market Commission the authority to decide the nation’s policies on digital assets, grant licences to companies that deal in cryptocurrencies, and serve as a financial watchdog.
According to the blockchain intelligence company Chainanalysis, since the fall of 2020, Russians, Ukrainians, and Venezuelans have become among the most active retail consumers of cryptocurrencies, even in the absence of any legislation.
The need for some laws and regulations has increased. Since Russia invaded the country, which resulted in an estimated three million people fleeing the 42 million-person nation, the war-torn nation has received at least $100 million in cryptocurrency donations.
With the aid of the new regulation, Kuna, Ukraine’s first cryptocurrency exchange, will be able to convert digital currencies into much-needed FIAT currency rather than just assisting the nation in spending donations directly with crypto-friendly vendors.