President of Ukraine Volodymyr Zelensky has enacted a law to make virtual assets legal. The ruling allows Ukrainian cryptocurrency exchanges to operate legally and enables banks to open accounts for cryptocurrency companies. This move will advance the development of the digital asset market in Ukraine.
The Ministry of Digital Transformation announced the law on Wednesday 16th.
"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.”
In 2021, the Ukrainian parliament took the first step in adopting a law to regulate the transactions of virtual assets. Last month, the parliament approved it, and Today, Zelensky has made the law official. The ruling comes as the besieged country continues to receive a flood of crypto donations to aid them in the war against Russia.
According to Alex Bornyakov, vice minister of the Digital Transformation Department, donations reached $100 million on March 9th. More than 60% of the funds have been used by authorities to purchase fuel, and food, as well as military and medical equipment.