Ukrainian President on Wednesday signed a bill to legalize cryptocurrency this comes in the aftermath of digital donations pouring in from around the world. A month ago Ukrainian Parliament passed a bill for creating a structure for management and regulation of cryptocurrencies like Bitcoin and Ethereum.
Ukraine’s vice prime minister and minister of Digital Transformation Mykhailo Fedorov earlier this week in an interview with Techcrunch “The Parliament has adopted a law on virtual assets. I think the president is about to sign it into law in a matter of days. So we strive to be as friendly to virtual assets as possible. And we are continuing this effort during wartime as well.”
Ukrainian Deputy Minister of Digital Transformation wrote on Twitter “The law on virtual assets was signed today! Now crypto is legalized in Ukraine, Thank You President @Zelenskyy for the support. We believe that the crypto industry offers new economic opportunities we will do our best to bring the bright new future closer as soon as possible”.
As per reports, this law will ask crypto exchanges to register with the government to operate legally in Ukraine and also allow banks to open accounts for crypto firms.
Ukraine has so far received an estimated $100 million in crypto donations since the Russian invasion of Ukraine begin which has led to the killings of civilians and military personnel and an estimated 3 million people have led the country with a population of 42 million.
Ivan Fedorov Mayor of Melitopol on Tuesday told Techcrunch “We have been able to raise $55 million. And all of that has been directed toward the needs of the Ukrainian army”.
Things have not gone the way the Ukrainian government expected a few months ago when the New York Times headlined Ukraine the “The Crypto Capital of the World.”