Ukraine has Legalized the Crypto Sector: President Signed a Profile Law

  • President Volodymyr Zelensky had “signed the Law of Ukraine ‘On Virtual Assets,’ which was “adopted by the Verkhovna Rada of Ukraine on February 17.”
  • The law “creates conditions for the launch of a legal market for virtual assets in Ukraine. The new market will be regulated by the National Securities and Stock Market Commission.”

Ukraine’s Ministry of Digital Transformation announced today that President Volodymyr Zelensky had “signed the Law of Ukraine ‘On Virtual Assets,’ which was “adopted by the Verkhovna Rada of Ukraine on February 17.”

The Ministry of Digital Transformation stated in a press release issued at 3:14 p.m. UTC that this law “creates conditions for the launch of a legal market for virtual assets in Ukraine. The new market will be regulated by the National Securities and Stock Market Commission.”

The press release further said that the signed law achieves the following:

  • Determines the legal status, classification and ownership of virtual assets; 
  • Determines market regulators – the National Bank of Ukraine and the National Commission on Securities and Stock Market; 
  • Creates conditions for further formation of the legal field in the market of virtual assets;
  • Determines the list of providers of virtual assets and conditions of their registration;
  • Provides for the implementation of financial monitoring measures in the field of virtual assets.

It further noted that the National Commission on Securities and Stock Market will:

  • Form and implement state policy in the field of virtual assets;
  • Determine the order of turnover of virtual assets;
  • Issue permits to virtual asset service providers;
  • Regulate, supervise and financially monitor this area.

The press release even stated that Until now, the Ministry of Culture has been responsible for developing the legal framework in this area. We created a profile law in collaboration with industry representatives. Currently, the Ministry of Finance is working hard to amend Ukraine’s Tax and Civil Codes in order to fully launch the market for virtual assets.

The signed law takes effect on the date that the Law of Ukraine on Amendments to the Tax Code of Ukraine on the Taxation of Transactions with Virtual Assets enters into force. The President’s signature on this Law is another important step toward bringing the crypto sector out of the shadows and establishing a legal market for virtual assets in Ukraine.

Deputy Prime Minister, Minister of Digital Transformation of Ukraine Mykhailo Fedorov wrote on his Telegram channel that “Since the beginning of the war, crypto assets have become a powerful tool for attracting additional funding in support of the Armed Forces of Ukraine. During the three weeks of the war, the Crypto Fund of Ukraine raised more than $54 million in crypto assets. Today, the president has signed the law on virtual assets. We are launching a legal market for virtual assets in Ukraine and bringing the crypto sector out of the shadows”.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.