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Ukraine has officially legalised cryptocurrency

The President of Ukraine, Volodymyr Zelenskyy has signed a bill to legalise cryptocurrency after the country received tens of millions of dollars in donations in various forms of cryptocurrency. The bill also allows banks to open accounts for crypto firms and means that citizens with digital wallets will have their currency treated with the same protection as if it were the Ukrainian currency, the hryvnia. The National Bank of Ukraine and the National Commission on Securities and Stock Market will become watchdogs for the cryptocurrency sector, meaning crypto exchanges will have to register as an entity with the Ukrainian government. 

In a Telegram post, Mykhailo Federov, the Ukrainian Vice Prime Minister and Minister of Digital Transformation, said that the new law would work to “bring the crypto sector out of the shadows”. He added that “in more than three weeks of war, the Crypto Fund of Ukraine has raised more than $54 million in cryptocurrencies” although other sources report this figure as being close to $100 million USD.

The war between Russia and Ukraine has seen significant input from cryptocurrency. For example, not only have donations been made to the Ukrainian military via the method, but ordinary Russians hit by financial sanctions have resorted to using cryptocurrencies.

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