The Ministry of Digital Transformation of Ukraine on Wednesday announced that Ukrainian President Volodymyr Zelensky has signed the Law of Ukraine “On Virtual Assets,” marking another win for the crypto market. This happens after the Ukrainian government successfully raised almost $100 million in crypto and bitcoin donations.
The crypto market responded and soared higher after the legalization of cryptocurrencies by Ukraine, with the crypto market cap rising almost 5%. Moreover, major cryptocurrencies including Bitcoin, Ether, XRP, Cardano, Solana, Dogecoin, among others shoot nearly 5%.
Ukraine Legalizes Digital Assets
The crypto bill was initially introduced by the Ukrainian Parliament, Verkhovna Rada, on February 17, a week before the Russian invasion. The law legalizes the virtual assets market in the country, which will be regulated by the National Securities and Stock Market Commission and the National Bank of Ukraine.
As per the conditions signed, the law defines the legal status, classification, and ownership of virtual assets. It enables crypto exchanges to register and work legally in the country under the regulatory framework by Ukrainian government agencies. Moreover, the banks will be allowed to open accounts for crypto companies to organize operations, the Ministry of Digital Transformation stated in a tweet.
In addition, the law also encourages the implementation of financial monitoring measures for virtual assets, including cryptocurrencies. The Ministry of Finance of Ukraine will introduce and amend the Tax and Civil Codes of Ukraine for preparing a full-fledged market of virtual assets.
Ukraine wants to establish its leadership in the adoption of crypto-assets, despite the backlash from other countries. Ukraine ranks first in the adoption of cryptocurrencies, including Bitcoin and Ethereum. The developments will surely increase the interest of crypto investors in the country and allow people to make use of such innovative technologies.
“The ongoing war between Russia and Ukraine has pushed cryptocurrency adoption to a point of no return,” said Ethereum co-founder Joe Lubin.
At the time of writing, the Ukrainian government has raised almost $55 million in its goal of raising $200 million through the “Aid for Ukraine” initiative.
Crypto Market Rises Higher
The crypto market rallied higher after Ukraine announces the signing of the law. This occurred as the crypto market was waiting for another important decision of the Fed rate hike. However, the industry seems to have completely ignored the 0.25% interest rate hike, showing positive sentiments. The market is still under correction and the investor should wait a little more for a definitive move.
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