Ukraine Officially Legalizes Crypto Allowing Banks to Open Accounts for Web3 Companies

Ukraine officially legalizes crypto after president Zelenskyy signed to law crypto bill allowing banks to open accounts for Web3 companies.
Image source: Blockworks/Twitter

Quick take: 

  • Ukraine has become the latest country to legalise cryptocurrencies.
  • President Volodymyr Zelenskyy signed the country’s crypto bill into law allowing banks to open accounts for crypto/Web3 companies.
  • The move comes as crypto and NFT donations in support of Ukraine continue to rise amid the war with Russia.

Ukraine has now fully embraced cryptocurrencies, paving the way for banks to open accounts for crypto/Web3 companies. President on Wednesday signed into law the crypto bill, officially legalizing cryptocurrencies and other digital assets like NFTs.

The move comes following intense fighting between Ukraine and Russia. Since Putin’s invasion of Ukraine, several organisations and individuals have donated to Ukrainian charities in crypto and NFTs.

Announcing the official signing into law of the crypto bill on Twitter, Ukraine’s Ministry of Digital Transformation wrote, “from now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies.”

The bill allows foreign and Ukrainian crypto exchanges to legally operate in the country increasing access and liquidity. The new market will be regulated by the National Securities and Stock Market Commission.

President Zelenskyy had addressed US lawmakers in a video conference earlier asking for help amid the war. Although member countries of the National Atlantic Treaty Organization (NATO) have vowed to protect eastern European countries from Russia, they have been unable to offer any military support to Ukraine.

Ukraine has been forced to explore alternative options to financing its defence forces, including announcing plans to issue NFTs.

Local media recently launched NFTs to raise funds while the Ukrainian government has announced plans to mint NFTs of images taken from the ongoing war with Russia. With these announcements, it was inevitable that the country was going to legalize crypto.

The bill also instructs Ukrainian Commission on Securities and Stock market to form and implement state policy governing virtual assets. 

The country’s capital markets watchdog will also come up with guidelines on digital asset transactions, including daily/monthly limits, as well as, issuing licenses and permits allowing companies to legally run crypto organisations within its borders.

According to the bill, the “Ministry of Finance is also actively working to amend the Tax and Civil Codes of Ukraine to fully launch the market for virtual assets.”

The bill will become effective following the amendment of the Ukrainian tax laws to include virtual assets.

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