We mentioned in a previous article that the proposed law was being examined in parliament and that the timing was a bit unusual, given that it was close to the conflict, but despite everything, no time was wasted and it was followed up with President Volodymyr Zelensky has just signed a law legalizing virtual assets and therefore also cryptocurrencies.

Obviously the supervisory authority has been confirmed and will be the National Commission for Securities and the Stock Market.

The curiosity to highlight is that the conflict has shown the usefulness of cryptocurrencies, in fact, donations of btc, eth through exchanges and other networks have arrived in a context where the Central Bank sees its tasks crystallised and therefore the help provided by this technology in one of the darkest moments of recent Ukrainian history is more appreciated.

The law will do the following:

  • Grant foreign and Ukrainian cryptocurrency exchanges the opportunity to operate legally in the country;

  • Allow domestic banks to provide accounts for cryptocurrency-related businesses;

  • Grant Ukrainians the opportunity to “protect their savings in virtual assets;

  • Provide legal recognition and rights to cryptocurrencies and their holders.

So Zelensky changes his mind about the crypto sector and regrets that the disruptive force, but above all being a payment system of last resort, has been appreciated due to aggression; remember that Kiev was actually among the most restrictive places on the planet in terms of trading and buying cryptocurrencies, almost equating them to illegality as there was the immediate association between the crypto world and the world of ransomware and other illegal activities.

So cryptocurrencies will be fully legal, treated as a common asset and exchanges can deposit money with local banks in peace.

In all of this, the real dominus has been Ukraine’s Minister of Digital Transformation Mykhailo Fedorov, also a promoter of the sanctions on the crypto assets of the oligarchs who said:

“The signing of the new law by the President is another important step that will allow us to bring the crypto sector out of the grey area and will also allow us to have a legal market for virtual assets in Ukraine.”