Bitcoin and Crypto Legalization Moves to Strengthening Ukraine

As the President of Ukraine, Zelensky has been making statements about bitcoin and crypto legalization.

• -It has signed the new law that will legalize the sector in which the national market regulators are located.
• -A movement will begin, which will pave the way for the country’s crypto money taxation to begin.

Before the war in Ukraine, Ukraine was to carry out sector regulations. In particular, the national electricity operator was making plans to give crypto miners greater access to nuclear energy sources. Many studies related to this action were carried out by the Ministry of Digital Transformation. In addition, changes in the policies of the Ministry of Finance and Zelensky, and the changes of government bodies in policing the sector continue to be on the agenda.

Changing Laws in Ukraine and Bitcoin, Latest Situations of Crypto

The Ministry of Finance made some statements on its Telegram channel. In these statements, he stated that foreign and Ukrainian crypto exchanges will be allowed to operate legally. It will also allow domestic banks to create accounts for crypto-related companies. Announcing that they will provide some features for Ukrainians to save on their virtual assets, the ministry finally mentioned the legal recognition rights for cryptocurrencies and their owners.

• -The central bank stated that Ukraine will play a joint regulatory role and that the National Securities and Exchange Commission, which is the regulator of the markets in the country, will be effective in playing this role.
• -The Commission also states its formulation and implementation purposes in its policies with the central bank. The Commission will also plan that there will be a specific ranking in the crypto circulation.
• -Operational permits will be issued for so-called virtual asset service providers with the Financial Action Task Force, which will proceed in concert with many countries. That is, permissions will be granted to crypto exchanges and wallet operators to provide businesses. However, they will carry out their transactions as a result of their audits and financial monitoring.

These laws, which were against the background of war, had a great impact on the agenda. Ukraine received crypto donations from international communities while the conflict was taking place. Also, the government has set up many crypto wallets for these donations. That’s why Zelensky aims to give more legitimacy to the government, as the timing of the laws is determined and also because these funds are wanted to be used.