Ukraine will soon legally recognise cryptocurrency,Ireland after President Volodymyr Zelenskyy signed a virtual assets bill into law on Wednesday. Under the new legislation, Ukraine will be able to establish a legal, regulated crypto market.
"From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies," Ukraine's Ministry of Digital Transformation tweeted on Wednesday. "It is an important step towards the development of the [virtual assets] market in Ukraine."
This Tweet is currently unavailable. It might be loading or has been removed.
Passed through parliament on Feb. 17, this was the second iteration of Ukraine's virtual assets bill. While parliament approved the first version last September, Zelenskyy vetoed it in October, partly due to the significant cost of establishing a new state regulator for cryptocurrency. The new bill will empower Ukraine's already existing National Commission on Securities and Stock Market to take on this task instead.
Much like every other corner of the internet, cryptocurrency has become heavily involved in Russia's ongoing war with Ukraine. Some Ukrainians are turning to the blockchain due to banking imitations caused by the invasion, while the country has received almost $100 million in crypto donations to various groups and organisations. As of March 17, an official Ukrainian government website requesting donations has collected over $55 million in cryptocurrency.
SEE ALSO: Sketchy domains try to trick Ukraine supporters out of would-be donationsOn the other side, experts have also expressed concern that Russia may use cryptocurrency to circumvent international sanctions imposed upon it.
While cryptocurrency wasn't previously illegal in Ukraine, officially recognising and regulating the currency opens up new avenues for trade and taxation. According to crypto payment platform TripleA, around 12.7 percent of Ukraine's population owned cryptocurrency before Russia invaded.
Of course, most Ukrainians likely have other concerns that take priority over learning how cryptocurrency works right now.
Topics Cryptocurrency
Operation Mensch
Best Samsung Galaxy Watch Ultra deal: Save $160 at Best Buy
Shark FlexStyle hair dryer: 22% off at Amazon
Feyenoord vs. Inter Milan 2025 livestream: Watch Champions League for free
NYT Strands hints, answers for May 5
Apple announces MacBook Air with M4 chip
Best Hulu deals and bundles: Best streaming deals in March 2025
Feyenoord vs. Inter Milan 2025 livestream: Watch Champions League for free
Robin Triumphant
Canupdog digital photo frame: 15% off at Amazon
The Anatomy of Liberal Melancholy
What's new to streaming this week? (March 7, 2025)
Wordle today: The answer and hints for March 7, 2025
NYT Connections hints and answers for March 5: Tips to solve 'Connections' #633.
Best robot vacuum deal: Get the Roborock Q5 Max for 53% off at Amazon
Best Dyson deal: Save $100 on the Dyson V15
What is Stake, and why is its logo on so many old viral memes and videos?
Best earbuds deal: Save $80 on the Bose QuietComfort Ultra Earbuds
SpaceX's Starlink will provide free satellite internet to families in Texas school district
Best ANC headphones Deal: Save 50% on Sennheiser ACCENTUM wireless headphones at Amazon
The Steam Machine: What Went Wrong8 Years Later: Does the GeForce GTX 580 Still Have Game in 2018?Optogenetics: A Virtual Reality System for Controlling Living CellsPlayerUnknown's Battlegrounds Graphics Performance Revisited: 44 GPUs TestedA Decade Later: Does the Q6600 Still Have Game in 2017?Use Gmail Filters to Automate your InboxRAM Matters: How Much Do You Need for Gaming? 4GB, 8GB, 16GB or 32GBPatched Desktop PC: Meltdown & Spectre Benchmarked5 Ways to Access a Locked Windows AccountUsing a 4K TV as a Desktop MonitorWhy Building a Gaming PC Right Now is a Bad Idea, Part 1: Expensive DDR4 MemoryThe Most Disappointing PC Games of 2017Best earbuds deal: Get the Samsung Galaxy Buds 3 Pro for $60 offUse Gmail Offline and Enable Email Scheduling & SnoozingUse Gmail Offline and Enable Email Scheduling & SnoozingComparing Team Communication Apps: What Do You Get for Free?Reality Distortion Field: 10 Things Apple Won't Directly Say But We'll Infer About the iPhone XThe Biggest Tech Fails of the Last DecadeWhat Games Can Ultrabooks Really Play?The Last Mile to Civilization 2.0: Technologies From Our Not Too Distant Future Scientists explain why today's rains and floods are so terrible What We’re Loving: YA, Sci What We’re Loving: Gas Stations, New York Stories, The Room by The Paris Review How 'I'm a Virgo's VFX team brought the show's giant to life A Life in Matches by Justin Alvarez Two Shades of Wine, and Other News by Sadie Stein A Lively, Unfinished Manuscript by Abigail Walthausen F. Scott Fitzgerald, Lyricist by Sadie Stein David Dobrik's photo app Dispo relaunched with an ad imagining him as an old man The Hemingways Hold Grudges, and Other News by Sadie Stein Unmentionables by Sadie Stein Emmy nominations 2023: 'Succession' and 'The Last of Us' dominate Loser Takes All by Sadie Stein F. Scott Fitzgerald Reads Shakespeare by Sadie Stein Inherent Vice by Sadie Stein Doctored by Casey N. Cep 'Quordle' today: See each 'Quordle' answer and hints for July 13 Hollywood actors may be about to strike. Here's what that means. Meta avatars now work in Messenger video calls Banned Books, Mugging, and Other News by Sadie Stein