Ukraine legalizes crypto sector as donations pour in

Ukraine has begun accepting dogecoin and several other cryptocurrencies as donations as Russia continues to invade.

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Ukraine has passed a law creating a legal framework for the crypto industry in the country.

The bill, which was passed by the Ukrainian 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 Ministry of Technical Transition. digital in this country.

Banks will be allowed to open accounts for crypto companies.

The “virtual property” law defines the legal status, classification, and ownership of virtual assets. It also introduces financial supervision measures for virtual assets.

The State Securities and Exchange Commission of Ukraine will regulate the market. The agency will be in charge of areas including licensing crypto businesses and implementing state policy in the industry.

Zelenskyy signed the law as Russia continued its invasion of Ukraine, highlights the role cryptocurrencies have played in the conflict.

Last month, Ukraine began accepting donations for military defense against Russia through digital currencies like bitcoin and ether. It has since expanding the number of cryptocurrencies it accepts to raise money and has raised more than $63 million to date, according to blockchain analytics firm Elliptic.

Earlier this week, the Ukrainian government launched an official website where people around the world can donate through cryptocurrency. The money will be used for Ukraine’s military and humanitarian efforts.

Promoting global regulation

Ukraine’s cryptocurrency law comes as countries around the world assess how to regulate the industry, often in different ways.

El Salvador for example has make bitcoin legal currency and seeks to make the country a hub for crypto activity. On the other hand, Chinasought to clear trading and mining cryptocurrencies.

This month, the President of the United States Joe Biden signed a executive order calls on federal agencies to take a unified approach to the management and supervision of digital assets. Executive orders are not a piece of legislation to regulate the crypto industry.

In some countries that do not have crypto-specific regulations like Ukraine, governments have sought to bring exchanges and other digital asset companies into the radar of financial regulators. For example, in the UK, cryptocurrency exchanges must register with the Financial Conduct Authority and follow current rules on money laundering.

Meanwhile, Ukraine’s approach is to seek to develop a law specifically tailored to the digital asset industry.

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