Ukraine approved a law on digital assets last week, preparing a framework for the regulation and management of digital assets such as Bitcoin. 

The “Verkhovna Rada” – or the Ukrainian parliament – approved the cryptocurrency law with the support of a majority of 272 of its 450 members, according to an official statement. Amendments to the bill, which was first introduced in September, will see the National Commission on Securities and the Stock Market act as a regulator for cryptocurrencies. 

“This will legalise buyers of cryptocurrencies and cryptocurrencies themselves, and Ukrainians will be able to protect their assets from possible abuse or fraud,”

Ukrainian Deputy Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov announced on Twitter, who further stated,

“Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global virtual asset market.” 

New rules with the aim of ensuring legal protection and convenient and safe access to the crypto market for those participating in it: 

“There will be a transparent mechanism for investing in a new asset class,” 

said Fedorov, who entrusted the National Commission for Securities and the Stock Market with regulating the matter, issuing permits to providers of digital asset services and monitoring the sector by punishing irregularities and improprieties.

The Ukrainian parliament had previously approved a law legalising cryptocurrencies last September, but President Volodymyr Zelensky vetoed it, arguing that Ukraine could not afford to create a whole new regulatory system to deal with crypto, as he felt the economic moment was not appropriate. 

But times change and Kiev’s move is truly “anomalous” considering the very particular moment the country is living in with the military units that Russia has been amassing for months to create a forced negotiating lever with the West.