Ukraine Passed The Crypto Asset Law

Ukraine passed the crypto asset law during the war. The war between Ukraine and Russia continues.

The virtual asset law in Ukraine, which was re-approved in its revised form in February, was approved by the President of Ukraine Volodymyr Zelenskyy. The cryptocurrency market in the country will now operate within the framework of full regulation. With the virtual asset law in Ukraine, crypto assets are legally defined. In addition, the Central Bank of Ukraine and the National Commission on Securities and Exchanges were designated as regulators of cryptocurrencies. In addition, within the framework of the law, it became clear who can provide cryptocurrency services and how they can get a license within the borders of the country. The approved virtual assets law was submitted for approval as a draft in September last year, but President Zelenskyy requested a revision in the bill. Cryptocurrencies were in use in Ukraine before the approval of the relevant law. However, with the law, the use of cryptocurrencies in the country has been brought under a clearer framework. On the other hand, the approval of the law does not mean that Bitcoin is a legal payment instrument in the country. In other words, this move is different from El Salvador's policy regarding Bitcoin.