Ukraine legalizes cryptocurrency sector as donations pour in
As Russia invades Ukraine, Ukraine is accepting donations in dogecoin as well as a variety of other cryptocurrency.
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Ukraine passed legislation that establishes legal guidelines for cryptocurrency businesses in the country.
According to Ukraine’s Ministry of Digital Transformation (MoD), the bill was passed by Ukraine’s parliament and signed into law Wednesday by President Volodymyr Zeleskyy.
The opening of accounts by banks for cryptocurrency companies is possible.
It determines ownership, classification and legal status of virtual assets. The law also provides financial monitoring for virtual assets.
Ukraine’s National Securities and Stock Market Commission will regulate the market. It will oversee areas such as issuing crypto-business licenses and the implementation of state policies in this industry.
Zelenskyy signs the law, as Russia’s invasion of Ukraine goes on. underscoring the role that cryptocurrencies have taken on during the conflict.
Ukraine started accepting digital currency donations last month to help fund its military defence against Russia. bitcoinAnd ether. It is. since expanded the number of cryptocurrencies that it acceptsElliptic reports that the company has so far raised $63 Million in donations.
The official website of Ukraine was launched earlier this week. It allows people to donate using cryptocurrencies. It will support Ukraine’s humanitarian and military endeavors.
Recommendations for regulatory action at all levels
The Ukrainian cryptocurrency law is being developed as other countries evaluate the best ways to regulate this industry.
El Salvador for example has made bitcoin a legal currencyHe wanted to create a crypto-hub in the country. China, on the other handThe government has attempted to end cryptocurrency mining and trading.
The U.S. President is this month Joe Biden signed an executive orderWe are asking federal agencies for a coordinated approach in regulation and supervision of digital assets. This executive order does not contain any legislation that would regulate cryptocurrency.
Many countries that do not have a cryptocurrency regulatory system, like Ukraine for example, have attempted to place exchanges and digital asset companies within the reach of financial regulators. The Financial Conduct Authority in Britain requires that cryptocurrency exchanges register and adhere to all existing laws regarding money laundering.
Ukraine is attempting to develop a law that specifically addresses the needs of digital assets.