Bitcoin has one more ally – Just a few days before the start of the conflict with Russia, theUkraine – or more precisely its Parliament – came to adopt a law strengthening the legitimacy of cryptocurrencies. Despite the dramatic sequence of events, the Ukrainian president has just in turn ratify this law, now effective.
The President of Ukraine formalizes the legal status of cryptocurrencies
It was on February 17, 2022, exactly one week before the start of the Russian military intervention, that the Parliament Ukrainianthe Verkhovna Radaapproved amendments on the “Virtual Assets Law” from the country.
As revealed in a statement and a tweet from the Ministry of Digital Transformation of Ukraine, the President Volodymyr Zelensky now also has validated and signed this amendment to the law on crypto-assets:
« Ukraine legalized the crypto sector after President Zelensky signed the law [sur les Actifs Virtuels]. From now on, foreign and Ukrainian cryptocurrency exchanges will operate legally, and banks will have to agree to open accounts with crypto companies. This is an important step towards the development of the digital asset market in Ukraine. »
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Cryptos that have already rendered many services to the Ukrainian authorities
In addition to determining the legal status crypto-assets (and their classification), the amended law lists in particular the regulators of the new Ukrainian crypto market. In this case it will be the National Bank of Ukraine and some National Securities Commission.
It is the latter who will be more specifically responsible for drawing up the list of digital asset providers approved. It will also ensure the smooth running of their registration process (including the issuance of licenses).
A kind of recognition for service rendered. Indeed, as early as February 28, the Ukrainian government made call for bitcoin donations and other cryptos. Since then, the equivalent of tens of millions of dollars have been collected, allowing the purchase of military equipment.
Faced with this new use of cryptocurrencies countrywidewe understand better why Joseph Lubin (co-founder of Ethereum) is so optimistic for the future of the sector. As he explains, crypto-assets have clearly crossed a “point of no return” in their mass adoption.
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