President of Ukraine Volodymyr Zelensky signed the law on virtual assets
As reported on the website of the Verkhovna Rada , President of Ukraine Volodymyr Zelensky signed a law on virtual assets, which provides for the legalization of cryptocurrencies and the crypto sector as a whole.
From the statement of the Ministry of Digital Development, it follows that this bill legalizes the activities of Ukrainian and foreign cryptocurrency exchanges. Also, banks will be given the opportunity to open accounts for crypto-companies, and citizens of Ukraine will be able to store their funds in crypto-currency assets.
The law also stipulates that the state acts as a guarantor in the protection of rights to digital assets, as well as:
- determines the legal status, classification and ownership of virtual assets;
- determines market regulators - the National Bank of Ukraine and the National Commission for Securities and the Stock Market;
- creates conditions for the further formation of the legal framework in the virtual asset market;
- determines the list of virtual asset service providers and the conditions for their registration;
- provides for the introduction of financial monitoring measures in the field of virtual assets.
The National Securities and Stock Market Commission will be responsible for:
- formulate and implement a policy in the field of virtual assets;
- determine the procedure for the turnover of virtual assets;
- issue authorizations to VA service providers;
- exercise supervision and financial monitoring in this area.
During the period of hostilities, the Crypto Fund of Ukraine collected about 60 million US dollars in various crypto assets. What has undeniably proven itself as a powerful tool for attracting additional funding in support of the Armed Forces of Ukraine.
The head of the Ministry of Digital Development, Mikhail Fedorov , commented on the law with the words: “The President signed the law on virtual assets. We are launching a legal virtual asset market in Ukraine and bringing the crypto sector out of the shadows.”
The Mintsifra explains that the law is based on the current standards for regulating transactions with virtual assets of the international group on combating money laundering (FATF). They establish rules for service providers related to the circulation of virtual assets and will contribute to the deshadowing of this market.