The President of Ukraine officially signed the Virtual Assets Bill to legalize cryptocurrencies for income, exchange and business, as approved by parliament last month. This comes after weeks of financial support from the crypto community to help fend off the Russian invasion.

According to a statement from the Ministry of Digital Transformation of Ukraine, the new law creates conditions for a legal market for virtual assets in the country. It will be regulated by the National Securities and Securities Market Commission, together with the National Bank of Ukraine. The commission will form and implement the state policy on crypto and issue permits to crypto service providers while financially monitoring the area. The law also establishes conditions for the registration of virtual asset companies and for the formation of the legal field in the virtual asset market. Parliament passed a different version of this bill months ago, but President Zelensky sent it back due to a provision for a new body dedicated to regulating digital assets. The new bill contains the amendments preferred by the presidents. Ukraine is already one of the top 5 countries in the world in the use of cryptocurrencies, which makes the approval of the law somewhat delayed. It comes shortly after Dubai established its Virtual Assets Regulatory Authority and after US President Joe Biden signed an Executive Order on oversight of the crypto industry. Some have feared that cryptocurrencies could weaken the West’s economic punishment against Russia, following its invasion of Ukraine last month. In contrast, virtual assets have been overwhelmingly beneficial to Ukraine during the conflict, with the nation receiving more than $100 million in crypto donations in less than a month. The nation is even preparing to release a collection of NFTs about the Russian war following a canceled airdrop.

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