Ukrainian President says crypto is legal in his country

President Volodymyr Zelenskyy of Ukraine has signed a virtual assets bill into law, making cryptocurrencies legal in a country that is receiving millions of dollars in cryptocurrency donations for military and humanitarian relief in its battle with Russia.

Ukrainian President Volodymyr Zelenskyy legalized crypto
Ukrainian President Volodymyr Zelenskyy

According to the Ministry of Digital Transformation, the law establishes the legal status of crypto assets and the market regulators — the National Bank of Ukraine and the National Commission on Securities and Stock Market.

Moreover, the law states that foreign and local cryptocurrency service providers can operate with legal accounts in Ukrainian banks, according to the Ministry.

The measure was enacted by Ukraine's parliament on February 17, after Zelenskyy had rejected an earlier version of the bill in 2021.

Ukraine has received at least $80 million in crypto donations and direct crypto payments to government accounts from DAOs.

According to the statement, the finance ministry is also considering amending the country's Tax and Civil Codes in order to grow the digital asset market.