Ukraine president, Volodymyr Zelenskyy, signed a law on February 16, formalizing a framework for crypto. The law of Ukraine on "Virtual assets," which was adopted by the Verkhovna Rada of Ukraine, will provide a legal framework for crypto in the country. All regulations regarding the market will be handled and controlled by National Securities and Stock Market Commission.
<h2>What does the law imply for Ukrainians?</h2>
The <a href="https://thedigital.gov.ua/news/ukraina-legalizuvala-kriptosektor-prezident-pidpisav-profilniy-zakon" target="_blank" rel="nofollow noopener">new law</a> will allow the crypto market to operate out of the shadows and provide a legal framework. Organizations and crypto exchanges that operate in the country would be required to register with the government body to function legally.

The law will determine virtual assets' legal status, classification, and ownership. It also determines the market regulators, which will be the National Bank of Ukraine and the National Commission on Securities and Stock Market.

It will also list and regulate the list of entities that operate in the crypto sector, their registration, and also control the monitoring measures of virtual assets.

The signing of the law by the president indicates an important step for bringing crypto mainstream. The Ukrainian National Securities and Stock Market Commission is given the authority to decide Ukraine's policy on digital assets, issue licenses to companies dealing with crypto, and act as a financial watchdog.

https://twitter.com/mintsyfra/status/1504111930251882500
<h2>Crypto Played a Crucial Role in Ukraine's Stability</h2>
During the difficult times when banks and financial institutions were shut down, crypto is what held Ukraine strong. With millions of dollars pouring in as crypto donations, it helped minimize the negative impacts of Putin's decision.

Even though many countries didn't come forward to show their support, the crypto community never gave up on Ukraine. Tracked <a href="https://www.cryptoknowmics.com/news/russia-ukraine-bitcoin-donations/">crypto donations</a> total to a whopping $108 million, with many organizations pouring in their support and fund. The collected funds hope to help the country rebuild what it lost during the war.

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Ukrainian President Volodymyr Zelenskyy Has Signed a Law Legalizing Crypto

Vignesh's crypto journey started in 2016 when his friend introduced him to the world of crypto. After completing his postgraduation in Commerce, he realized that crypto is his niche. Since then, he has written crypto content for various exchanges and startups. He is passionate about crypto writing and crypto journalism.

Ukrainian President Volodymyr Zelenskyy Has Signed a Law Legalizing Crypto

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