© Reuters
Investing.com – Ukraine has passed a law that creates a legal framework for the cryptocurrency industry in the country. The bill, passed by Ukraine’s parliament last month and signed into law by President Volodymyr Zelenskyy on Wednesday, will allow foreign and Ukrainian cryptocurrency exchanges to operate legally, according to the country’s Ministry of Digital Transformation.
Banks will be allowed to open accounts for cryptocurrency companies. The “virtual assets” law determines the legal status, classification and ownership of virtual assets. It also introduces financial monitoring measures for virtual assets.
The Ukrainian National Securities and Stock Market Commission will regulate the market. The body will be responsible for areas such as licensing cryptocurrency businesses and implementing state policy in this sector.
Last month, Ukraine started accepting donations for its military defense against Russia through digital currencies like and . It has since expanded the number of cryptocurrencies it accepts for donations and has raised over $63 million so far, according to blockchain analytics firm Elliptic.
Earlier this week, the Ukrainian government launched an official website where people around the world can donate cryptocurrencies. The money will be used to fund Ukraine’s military and humanitarian efforts.
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