Ukrainian President Vladimir Zelensky signed a law on virtual assets, providing for the legalization of the crypto-sector.
This was reported by the Ministry of Digital in Telegram.
According to the website of the VR, the president signed the law on virtual assets (bill #3637) on March 15.
As stated in the Ministry of Digital, foreign and Ukrainian crypto-exchanges will work legally. In addition, banks will open accounts for cryptocompanies, and Ukrainians will be able to protect their savings in virtual assets.
The law also provides that the state will guarantee judicial protection of the rights to virtual assets.
The National Securities and Stock Market Commission will:
- Formulate and implement a policy on virtual assets;
- determine the procedure for circulation of virtual assets;
- issue permits to virtual asset service providers;
- to carry out supervision and financial monitoring in this area.
“With the start of the war, crypto-assets became a powerful tool to raise additional funding to support the Armed Forces of Ukraine. During the three weeks of the war, the CryptoFund of Ukraine raised more than $54 million in crypto-assets.
The President signed the law “On Virtual Assets”. We launch a legal market of virtual assets in Ukraine and bring the crypto sector out of the shadows,” – added the head of the Ministry of Securities Mikhail Fedorov.
The Verkhovna Rada repeatedly voted for the law on virtual assets with the proposals of the President and made the regulator of the National Commission on Securities.
On September 8th the Verkhovna Rada supported the bill #3637 during the second reading, which will allow to legalize virtual assets and business in this field in Ukraine.
This law is basic and determines the legal status of virtual assets, than provides legal protection for users and market participants. Thus, foreign and Ukrainian crypto-exchanges will work officially and banks will open accounts for cryptocompanies.
This means that Ukrainians will be able to declare their income in virtual assets.
Earlier, the VR Committee on anti-corruption policy told that the volume of transactions in Ukraine with virtual assets is about 150-200 million dollars a day, and the capitalization of virtual assets – more than 2 billion dollars.
The Ministry explains that the law is based on the current standards of regulation of transactions with virtual assets of the International Group on Combating Money Laundering (FATF). They establish rules for service providers related to the turnover of virtual assets and will contribute to the detenalization of this market.
“Economic Truth is now on Telegram. We track how fast Putin’s regime is falling and which companies are joining the aggressor’s boycott. You can subscribe here.