Crypto is now a legal assets payment tool in Ukraine

The president of Ukraine signed a bill to approve the legal status for crypto assets in the country. 

The war between Ukraine vs Russia is going on and in this war effort, Russia and Ukraine both come to know about the potential use case of Crypto assets like bitcoin, Ethereum, etc. Under high critical situations, Ukraine received full support and attention from the crypto industry to power up its military armed forces against the invasions of Russia. 

On 16 March, the Ukrainian Government announced the approval and signing of the “virtual assets bill” by the President of Ukraine, Volodymyr Zelenskyy. 

Through the published announcement, Ukraine confirmed that crypto assets and related market regulators are determined under the legal status in the country. 

In this legal status approval to the crypto and crypto industry, all the leading government agencies agreed to adopt. These agencies are the National Bank of Ukraine and the National Commission on Securities and Stock Market, the Ministry of Digital Transformation. 

Through a tweet, the Ukrainian ministry confirmed that local and foreign crypto service providers can have accounts of crypto. 

Crypto bill and need

This bill was first introduced by lawmakers of Ukraine and passed by the parliament of Ukraine on 17 February of this year but the bill failed to get green light in the final phase because the Ukraine president rejected this bill. 

Now the upgraded version of this crypto bill was passed by Ukraine’s president successfully. And this was the biggest need for the country, in terms of legal rules points of view. 

In the very starting days of the Russia vs Ukraine fight, the defense ministry was requested to provide crypto accounts, so that people from the whole world can easily donate to Ukraine against Russian invasions but under the laws of Ukraine no one government agency was allowed to receive payment in alternative methods including crypto assets, PayPal. 

But under critical situations, Ukraine accepted crypto donations of nearly $100 million, which was a violation of its national laws on crypto. 

Read also: IC protocols’ $250M reward plan to stop Russian invasions on Ukraine