Ukraine just passed a law that allows for cryptocurrency exchanges to operate legally. President Volodymyr Zelenskyy signed the law as the war continues to sabotage the country. He is making a big statement about crypto’s value and its role since the conflict began.
The bill was proposed in February and officially signed into law on Wednesday, allowing a legal framework for crypto to be exchanged and operate within the country.
Banks in Ukraine will now be able to open accounts for crypto companies.
The country will officially begin monitoring all virtual assets and regulate them through Ukraine’s National Securities and Stock Market Commission.
Ukraine launched an official website earlier this week where people can donate cryptocurrency for their military defense and humanitarian efforts. According to Elliptic, a blockchain analytics firm, since they began accepting BTC and ETH donations, they have already raised over $63 million. They have now expanded which cryptocurrencies are accepted, including DOGE and SOLANA.
Ukraine is not the only country adopting crypto. El Salvador officially made bitcoin a legal currency, as well. In contrast, China is falling behind and is banning crypto trading and mining.
The United States, on the other hand, signed an executive order this month calling on federal agencies to unify in examining the benefits and risks of crypto as well as regulating and overseeing digital assets. Ukraine clearly understands the importance of the blockchain market with its approach to adopting it as an industry.