The virtual asset law in Ukraine, which was re-approved in its revised form in February, was approved by the President of Ukraine Volodymyr Zelenski. The cryptocurrency market in the country will now operate within the framework of full regulation.
With the virtual asset law in Ukraine, crypto assets are legally defined. In addition, the Central Bank of Ukraine and the National Commission on Securities and Exchanges were designated as regulators of cryptocurrencies. In addition, within the framework of the law, it became clear who can provide crypto money services and how they can get a license within the borders of the country.
The approved virtual assets law was submitted as a draft in September last year, but President Zelenski did not make it legal by requesting a revision of the bill.
Cryptocurrencies were in use in Ukraine before the approval of the relevant law. However, with the law, the use of cryptocurrencies in the country has been brought under a clearer framework. On the other hand, the approval of the law does not mean that Bitcoin is a legal payment instrument in the country. In other words, this move is different from El Salvador's policy regarding Bitcoin.
In its announcement regarding the signing of the law, the Ministry of Digital Transformation of Ukraine stated that the approval of the law has removed the uncertainties in the crypto sector and interpreted the virtual asset law as an important step towards the formation of a legal market for crypto assets in Ukraine.
Alex Bornyakov, Deputy Minister of Digital Transformation, said in a statement on the new crypto law that the law will play a vital role in Ukraine's defense process.
Ukraine's National Securities and Exchange Commission will establish a national policy on the use of cryptocurrencies in the country, as well as manage the licensing processes of companies wishing to trade cryptocurrencies in the country.