The president of Ukraine, Volodymyr Zelenskyy, has signed a new law that establishes a regulatory framework for CryptoCrypto. He is currently in Kyiv and has spoken about how the latest move will set up a legal framework for his country to run operations on a regulated crypto market. The president sees the need to channel his focus on Cryptocurrency for the good of the country’s citizens. Reports indicate that the National Bank of Ukraine is facing shortages in cash withdrawals at banks, and the latest move is expected to play a crucial role.
Reasons for change
The Russian invasion that started on Feb. 24 has caused significant losses in the country, which has attracted massive humanitarian causes. A great deal of the humanitarian help moves to support the country’s military in its struggle against the Russian forces.
The Ministry of Digital Transformation outlines, “The signing of this law by the president is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”
The new law empowers Ukraine’s National Securities and Stock Market Commission to play several important roles. One of its commitments is to determine policies that will govern digital assets in the country. The other role it will play is issuing licenses to the various business entities dealing in CryptoCrypto. Finally, the law also endows the body to serve as the financial watchdog.
Ukraine’s Ministry of Finance has a lot to do: the anticipated amendment of the country’s civil codes and tax to accommodate the legal framework for the diverse digital assets.
A new dawn for Ukraine
It is a new dawn where Ukrainian and foreign cryptocurrency exchanges will run operations legally, with most banks expected to serve the various crypto companies through account opening operations. It is a transformational moment for Ukraine, considering the anticipated development of its VA market.
On Monday, Ukraine’s biggest crypto exchange Kuna participated in the unveiling of a donation platform with FTX. The new platform targets creating a leeway for uses to send Cryptocurrency to show solidarity with the people of Ukraine in their fight for freedom.