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Ukraine’s President Signs Law Regulating Digital Assets

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Amidst turbulence raging the nation currently, the democratic leader of Ukraine, President Volodymyr Zelenskyy has signed a law that regulates the use of cryptocurrency. According to the news published by the country’s Ministry of Digital Transformation, the National Commission on Securities and Stock Market will be tasked with the regulation of the digital currency ecosystem.

Earlier last month, the government of Ukraine through its Verkhovna Rada legalized the use of crypto in the country, shortly before Russian assailants invaded the sovereign nation. 

Ever since the parliament passed the law to legalize the trade of cryptocurrency, the nation has received charitable donations from several companies around the world for the relief of its citizens and for equipping its military in standing strong against the assaults of Russia.

A donation website was also recently launched to raise funds in crypto for the cause of helping Ukrainians with scaling through the ugly episodes of the ongoing war. 

The website is sponsored by the following blockchain firms, Kuna, FTX, and Everstake. Donations will be received in Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) amongst many other wallets. Also, with information gathered on the fund-raising platform, the amount raised so far has topped $54 million and the total figure expected is $200 million.

The enacted law will decide on who will be providing cryptocurrency exchange services as well as the precepts for registering such crypto exchanges. Measures for also being a watchdog over crypto transactions will also be put in place to protect users from possible hacks.

The National Commission on Securities and Stock Market will be providing the framework on how cryptocurrency will be properly managed. The regulator will be performing the following functions; Enact policies to regulate crypto; issue permits for cryptocurrency service providers, and so on.

The inking of this law, legalizing crypto is said to be a bold step taken by the president to take cryptocurrency “out of the shadows and launch a legal market for virtual assets in Ukraine.”

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