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Volodymyr Zelenksyy Signs the Virtual Asset Law  -Breaking

by Mike Robinson

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The legality of cryptocurrency in Ukraine is Volodymyr Zelenksyy signs the Virtual Asset Law

Ukraine’s President Volodymyr Zelensky enacted a law to make virtual assets legal. This ruling permits cryptocurrency exchanges in Ukraine to legally operate and allows banks to open accounts to cryptocurrency businesses. This will help to develop the Ukrainian digital asset market.

The law was announced Wednesday by the Ministry of Digital Transformation.

“The signing of this law by the president is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”
The first step was taken by the Ukrainian parliament in 2021 to adopt a law that regulates the virtual asset transactions. The parliament approved the bill last month. Zelensky today made the law official. This ruling is made at a time when Russia’s besieged nation receives large amounts of cryptocurrency donations in order to fund its war against Russia.

Alex Bornyakov is the Vice Minister of the Digital Transformation Department. On March 9, donations exceeded $100 million. More than 60% are used to purchase fuel and food for the military as well as medical equipment.

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