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Ukraine legalizes cryptocurrencies after receiving tens of millions to fight Russia

The Ukrainian government has also set up a program that allows people to donate in crypto.

Ukraine legalizes cryptocurrencies after receiving tens of millions to fight Russia
[Photo: Quantitatives/Unsplash]

Cryptocurrencies have become legal in Ukraine after President Volodymyr Zelenskyy signed a new bill into law yesterday, reports The CoinTelegraph. The move lets national and foreign crypto exchanges operate legally as well as gives banks the authority to open cryptocurrency accounts.

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Though Zelenskyy signed the law last night, it was passed by Ukraine’s parliament last month and its passage comes as Ukraine has received tens of millions in crypto donations since Russia’s war with the country began.

Upon the signing of the law, Ukraine’s minister of digital transformation, Mykhailo Fedorov, said, “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.”

Crypto owners who would like to donate digital assets to the country can now do so through an official donation program run via the Ukrainian government. Their goal is to raise $200 million USD in crypto donations and as of the time of this writing, they have received just over $55 million worth.

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About the author

Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com

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