Ukraine is legally using cryptocurrency to fight against Russia

Ukraine is legally using cryptocurrency to fight against Russia. 

Ukraine has legalized cryptocurrencies after receiving tens of millions of dollars in donations from individuals and organizations to aid in the battle against the Russian invasion.

President of Ukraine Volodymyr Zelensky has approved a measure that establishes the legal framework for developing the virtual asset market.

The National Commission on Securities and Stock Market will oversee the new market.

The signed law establishes the legal status, categorization, and ownership rights of virtual assets and the list of virtual asset providers, and the terms and circumstances of their registration.

Until recently, the Ministry of Digital Transformation has developed the legal framework in this field.

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The government said that “the Ministry of Digital Transformation is also actively working to change Ukraine’s tax and civil legislation to establish the virtual assets market fully.”

The crypto law’s passage is a significant step toward bringing the cryptocurrency sector out of the shadows and establishing a legal market for virtual assets in Ukraine.

“The cryptocurrency industry in Ukraine has been legalized. Foreign and Ukrainian cryptocurrency exchanges will function legally from now on, and banks will be able to open accounts for crypto firms. “The government sent out a tweet.

The government will require cryptocurrency exchanges and organizations that handle other virtual assets to register.

“Since the start of the war, cryptocurrencies have shown to be a potent weapon for generating more financing to support Ukraine’s armed forces,” stated Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation.

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“The Crypto Fund of Ukraine has raised more than $54 million in cryptocurrencies in more than three weeks of fighting,” he said.

According to media estimates, the government has received about $100 million in cryptocurrency donations.

In September 2021, El Salvador became the first country to allow consumers to use bitcoin alongside the US dollar in all purchases.