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The President of Ukraine signed a law establishing a legal framework for cryptocurrencies

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Volodymyr Zelenskyy, the president of Ukraine currently based in Kyiv, signed a law establishing the legal framework for the country to operate a regulated cryptocurrency market.

In an announcement on Wednesday, the Digital Transformation Department of Ukraine speak Zelenskyy signed a bill called “On Virtual Assets”, which was first passed by the country’s legislature, the Verkhovna Rada, in February. Cryptocurrency exchanges and digital asset handling companies will have to register with the government to legally operate in Ukraine, and banks will be allowed to open accounts for crypto companies.

This law gives Ukraine’s National Securities and Exchange Commission the power to decide the country’s policies on digital assets, issue licenses to crypto-trading businesses, and act as a regulatory body. financial supervision. The government agency added that Ukraine’s Finance Ministry is also working to amend the country’s tax and civil codes to match the legal framework for digital assets.

“The president’s signing of this law is another important step towards bringing the crypto sector out of the shadows and launching the legal market for virtual assets in Ukraine,” the Digital Transformation Department said.

Cryptocurrencies have become a big deal in the country’s current war against Russia following the February 24 invasion, with many donate directly to Ukraine for humanitarian purposes and to fund the military. At that time, the National Bank of Ukraine speak that they have restricted cash withdrawals at banks, fixed the exchange rate of the country’s hryvnia currency, and halted the issuance of cryptocurrencies.

Related: USDT premiums soar on Ukraine’s Kuna exchange

On Monday, Kuna, Ukraine’s largest cryptocurrency exchange, helped launch a donation platform with FTX and Kuna, the Everstake staking platform, and the Digital Converter to allow users to deposit several cryptocurrencies “to aid people in their fight for freedom.” According to the website, users have send over $54 million in crypto at time of publication, about 27% of the platform’s $200 million goal.

Cointelegraph reached out to Kuna, but had not received a response at the time of publication.