Ukraine legalizes cryptocurrency

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Cryptocurrency sector of Ukraine continues to be financed, in connection with which Ukraine has decided to legalize cryptocurrency. A law specifically adapted to the digital asset industry had been adopted, creating a legal framework for the cryptocurrency industry in the country. The law allows foreign and Ukrainian cryptocurrency exchanges to operate legally, in accordance with the norms adopted by the Ministry of Digital Transformation of the country.

As the full-scale invasion continues, Ukraine has begun to accept dogecoin and other cryptocurrencies as donations.

The bill, which was passed by the Ukrainian parliament last month and signed by President Vladimir Zelensky, will allow foreign and Ukrainian cryptocurrency exchanges to operate legally.

Banks will be allowed to open accounts for cryptocurrency companies.

The legal status, classification and ownership of virtual assets are defined by the Law on “virtual assets”. The law also specifies ways of financial monitoring of virtual assets.

This market will be regulated by the National Securities and Stock Market Commission of Ukraine, which will be responsible for the issuance of licenses for cryptocurrency enterprises and the implementation of state policy in this industry.

Last month, Ukraine began accepting digital currency (bitcoin and ether) as a donation to its military defense against Russia. The country has since expanded the number of cryptocurrencies that it accepts for donations and has received over $63 million by now.

Earlier the Ukrainian government launched an official website where people around the world can make donations through cryptocurrencies. The money will be spent on the military and humanitarian needs of Ukraine.

US President Joe Biden signed a decree calling on federal agencies to adopt a unified approach to regulating and controlling digital assets. Control of digital assets is exercised by the US, and US President Joe Biden has stated that this will continue.

In several countries where there is no specific regulation of cryptocurrency, as in Ukraine, governments seek to control exchanges and other digital assets. In the United Kingdom, for example, cryptocurrency exchanges are subject to existing money-laundering regulations.

Ukraine’s approach to this issue is different, and this is especially important in the context of a full-scale invasion