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The President of Ukraine signs a virtual assets bill to legalize the crypto market

The President of Ukraine signs a virtual assets bill to legalize the crypto market

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Answer The President of Ukraine signs a virtual assets bill to legalize the crypto market

Ukraine’s president formally signed a virtual assets bill to legalize cryptocurrencies for income, exchange and business, after parliament approved it last month.

This comes after weeks of financial support from the crypto community that helped the Ukrainian government fend off the invasion of Russia.

According to show Issued by the Ministry of Digital Transformation of Ukraine, the new law creates the conditions for the cryptocurrency market to become legal in the country.

The crypto market will be regulated by the National Securities and Exchange Commission, together with the National Bank of Ukraine.

The committee will form and implement the state’s policy on crypto, and issue permits to crypto service providers during financial control.

Read:An Australian state has become a major center for dealing in “Bitcoin Cash”

The law also provides conditions for the registration of digital currency companies, and the formation of the legal field in the virtual asset market.

A different version of this law was passed by Parliament months ago but was rejected by President Zelensky due to a provision for a new body dedicated to regulating digital assets.

The new bill contains the amendments favored by the president.

Ukraine is already one of the top 5 countries in the world in terms of cryptocurrency use, which shows the recent approval of the law came rather late.

This comes shortly after Dubai established the Virtual Asset Regulatory Authority, and after US President Joe Biden signed an executive order on oversight of the crypto industry.

Some fear that cryptocurrencies could weaken the West’s economic sanction against Russia, after its invasion of Ukraine last month.

Conversely, cryptocurrencies have been extremely beneficial to Ukraine during the recent conflict, with the country receiving more than $100 million in donations in cryptocurrency in less than a month.

Ukraine is preparing to launch an NFT collection on the Russian war after canceling the previously promised free distribution and then changing its plans.

Read:Four Countries Where Searches For The Word Bitcoin Hit Its Highest Level In Early 2021

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