A Quick Look at Ukraine's "Virtual Assets Law" Legalizing Cryptocurrencies

On March 16, Ukrainian President Volodymyr Zelensky formally signed the "Virtual Assets Law" passed in parliament in February to legalize cryptocurrencies, which clarified that foreign and Ukrainian cryptocurrency exchanges will operate legally, and banks will also Crypto companies open accounts.

As of the time of writing, according to SlowMist statistics, Ukraine has received more than $80 million in cryptocurrency donations; and earlier this week, the Ukrainian government also launched a new cryptocurrency donation website in cooperation with FTX and Everstake to support cryptocurrency and fiat donations , has also received more than $54.73 million in donations.

A Quick Look at Ukraine's "Virtual Assets Law" Legalizing Cryptocurrencies

Quick reading of Ukraine's "Virtual Assets Law"

On March 16, Ukrainian President Volodymyr Zelensky formally signed the Ukrainian "Virtual Assets Law", which was passed by the Verkhovna Rada of Ukraine on February 17 (Foresight News Note, the Ukrainian Parliament), which provides The conditions for the launch of a legal virtual asset market in Ukraine have been made clear that the new market will be regulated by the State Securities and Stock Market Commission of Ukraine.

This law:

determine the legal status, classification and ownership of virtual assets;


Determination of market regulators - the National Bank of Ukraine, the National Securities and Stock Market Commission;


Create conditions for the further formation of the legal field of the virtual asset market;


Determine the list of virtual asset service providers and their registration conditions;


Provide for the implementation of financial monitoring measures in the field of virtual assets;

Among them, the National Securities and Stock Market Commission will:

Develop and implement national policies in the field of virtual assets;


Determine the turnaround sequence of virtual assets;


Issue licenses to virtual asset service providers;


Responsible for regulatory, supervisory and financial control measures in this area;

So far, the Ministry of Digital Transformation of Ukraine has been engaged in the development of the legal field in this field, formulating special laws together with industry representatives, and now the Ministry of Digital Transformation is also actively revising Ukraine’s tax and civil codes to fully launch the virtual asset market.

The signed law, which takes effect from the date of the “Amendment to the Ukrainian Tax Code”, which deals with the peculiarities of taxing virtual asset transactions, was signed by the president to bring the crypto industry out of the shadows and launch a legal virtual reality in Ukraine. Another important step in asset markets.