Ukraine legalizes the crypto sector as donations in digital currency continue to flow in

Ukraine has enacted legislation that establishes a legal framework for the country’s cryptocurrency business.
According to the country’s Ministry of Digital Transformation, the law authorizes international and Ukrainian cryptocurrency exchanges to operate lawfully.
As Russia’s war on Ukraine continues, Ukraine’s President Volodymyr Zelenskyy has signed the bill, highlighting the critical role that cryptocurrencies have played in the battle.Ukraine has enacted legislation that establishes a legal framework for the country’s cryptocurrency business.

According to the country’s Ministry of Digital Transformation, the bill, which was passed by Ukraine’s parliament last month and signed into law by President Volodymyr Zelenskyy on Wednesday, would allow international and Ukrainian cryptocurrency exchanges to operate lawfully.
Banks will be permitted to create accounts for cryptocurrency businesses.

The legal status, categorization, and ownership of virtual assets are all determined by the “virtual assets” legislation. Financial monitoring methods for virtual assets are also introduced.
The market will be regulated by Ukraine’s National Securities and Stock Market Commission. The agency will be in charge of giving licenses to crypto firms and enforcing governmental regulation in the field, among other things.
As Russia’s invasion of Ukraine proceeds, Zelenskyy has signed the bill, highlighting the importance of cryptocurrency in the fight.

A global regulatory movement is underway.
Ukraine’s cryptocurrency law comes as governments across the world debate how to regulate the industry, with results that are sometimes contradictory.
El Salvador, for example, has made bitcoin a legal tender and aims to become a cryptocurrency hotspot. China, on the other hand, has made it a priority to eliminate cryptocurrency trade and mining.
President Joe Biden of the United States signed an executive order this month directing federal agencies to take a…

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