Ukraine’s crypto legalization amid border tensions and how that may pan out

ambcrypto.com:

The Ukrainian forces amidst their ongoing tensions with their neighbor, Russia, developed a new relationship with digital assets. Bitcoin donations soared to Ukrainian volunteer and hacking groups, some of which have supplied equipment to government forces.

Ukraine’s parliament, the Verkhovna Rada on Thursday voted in favor of a bill granting legal status to cryptocurrencies. The parliament approved the final reading of major cryptocurrency-related legislation known as the bill “On Virtual Assets”. It catered to the President’s recommendations.

The Ukrainian Rada passed the legislation in the second reading during a plenary session, with 272 out of 365 representatives supporting the bill. Ukraine’s Securities Commission has been tasked with issuing permits to Bitcoin and cryptocurrency service providers. Thereby, carrying out supervision and financial monitoring of the market. Other responsibilities include:

Source: kmu.gov

Mykhaylo Fedorov, Ukrainian minister of digital transformation, said:

“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally. Ukrainians will have convenient and secure access to the global market for virtual assets.

Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. There will appear a transparent mechanism for investing in a new asset class.”

Fedorov added someimportance of this development on the social media platform, Twitter.