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17 Mar 2022
1 min read

Ukraine Regulates Crypto Amid Raging War

While the conflict in Ukraine intensifies, the country’s president Volodymyr Zelenskyy took a bold step by signing into law a regulatory framework for cryptocurrencies. The move will place Ukraine’s National Securities and Stock Market Commission (NSSMC) in charge of setting policies for digital assets and issuing licenses to crypto firms. The NSSMC will essentially act as the financial watchdog of the crypto legalization process.

A Step Up For Digital Assets

The Ukrainian Ministry of Digital Transformation announced on Wednesday that the bill “On Virtual Assets” was signed by the country’s President after it was formally adopted by the legislature back in February. This means that all crypto exchanges handling digital assets and operating in Ukraine need to register with the government. In addition to this new process, and as a clear move forward for cryptocurrencies, banks will be able to create accounts for crypto firms. Also, the Ministry of Finance will amend the national tax and civil codes to incorporate digital assets.

Leveraging Cryptocurrencies In Times Of Crisis

It’s a fact that cryptocurrencies have played a major role in Ukraine, particularly as the Russian invasion unfolded. Many donations for humanitarian and military aid occurred through digital assets. This occurred at a time when the National Bank of Ukraine fixed the foreign exchange rate of the country’s currency and halted the issuance of electronic money. All these regulatory updates are paving the way for a wider acceptance of cryptocurrencies across Europe.

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*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

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