Ukrainian President Just Signed a Bill That Legalizes Bitcoin and Cryptocurrencies in Ukraine into Law

Ukrainian President Volodymyr Zelenskyy, has just signed a bill into law, which legalizes the use of Bitcoin (BTC) and other cryptocurrencies in the country.

According to the recent tweet by the Ministry of Digital Transformation of Ukraine, the bill that was just signed into law by Zelenskyy allows foreign and Ukrainian cryptocurrencies to operate legally in the country. It will also allow banks to open accounts for crypto companies.

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The tweet describes the new development as another important step towards the advancement of the crypto industry in Ukraine.

“Ukraine has legalized the cryptosector – Volodymyr Zelenskyy profile Law. Now foreign and Ukrainian cryptocurrencies will operate legally in Ukraine and banks will open accounts for crypto companies. This is another important step towards the development of the virtual assets market in Ukraine.”

Україна легалізувала криптосектор — @ZelenskyyUa профільний Закон.
Тепер в Україні легально працюватимуть іноземні та українські криптобіржі а банки відкриватимуть рахунки для криптокомпаній. Це ще один важливий крок до розвитку ринку віртуальних активів в Україні. pic.twitter.com/0G5BedCrWf

— Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022

In a statement today, the Ministry of Digital Transformation said the law determines the legal status, classification, ownership, and regulators of virtual assets, as well as setting registration requirements for crypto services providers.

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According to the tweet above, the market will be regulated by Ukraine’s National Commission on Securities and the Stock Market. Exchanges will be able to operate legally, and banks will open accounts for them.

According to a government announcement today, the state body is tasked with “shaping and pursuing a policy in the field of virtual assets; determining the order of circulation of virtual assets; issuing permits to virtual asset service providers; and carrying out supervision and financial monitoring in this area.”

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