Ukraine president, Volodymyr Zelenskyy, signed a law on February 16, formalizing a framework for crypto. The law of Ukraine on “Virtual assets,” which was adopted by the Verkhovna Rada of Ukraine, will provide a legal framework for crypto in the country. All regulations regarding the market will be handled and controlled by National Securities and Stock Market Commission. What does the law imply for Ukrainians? The new law will allow the crypto market to operate out of the shadows and provide a legal framework. Organizations and crypto exchanges that operate in the country would be required to register with the government body to function legally. The law will determine virtual assets’ legal status, classification, and ownership. It also determines the market regulators, which will be the National Bank of Ukraine and the National Commission on Securities and Stock Market. It will also list and regulate the list of entities that operate in the crypto sector, their registration, and also control the monitoring measures of virtual assets. The signing of the law by the president indicates an important step for bringing crypto mainstream. The Ukrainian National Securities and Stock Market Commission is given the authority to decide Ukraine’s policy on digital assets, issue licenses to companies dealing with crypto, and act as a financial watchdog. Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on fore...
