Ukraine’s President Zelenskyy Signs Bill Into Law, Legalizing Crypto!
Mass Adoption Amongst Mass Warfare!
Amidst Ukraine’s ongoing conflict with Russia, Ukrainian President Volodymyr Zelensky has officially signed a law on Virtual Assets, legalizing cryptocurrencies in the country.
The law determines Virtual Assets’ legal status, classification, ownership, and its regulators, as well as setting registration requirements for crypto services providers, the Ministry of Digital Transformation said in a statement on Wednesday. The law was passed by parliament in September, however, it was later vetoed by President Zelensky as he expressed concerns about funding for a new regulatory agency, and now the amended bill addresses these issues. The goal is to bring the crypto sector out of the shadows, said in a recent press release by the Ministry and Committee for Digital Transformation of Ukraine.
The push to legalize cryptocurrencies came from the increasing amounts of bitcoin and other altcoins that were flooding in to support military efforts to help fight against the current ongoing Russian invasion into Ukraine. The Ukrainian government looked to social media for support and addressed their incapability of accepting bitcoin or other cryptocurrencies as donations leading to an aggressive new approach and fast-tracked a new bill that will shape ultimately help shape the future of Virtual Assets and World Adoption.
Another Step Towards World Adoption,
Following the Path Lead by El Salvador…
The new Virtual Assets bill Ukrainian President Volodymyr Zelensky signed puts Ukraine one step closer to making Bitcoin Legal Tender as El Salvador’s did just a few months ago.
President Nayib Bukele mentioned that the new law would not only give Bitcoin the status of legal tender but also encourages merchants throughout El Salvador to accept it as a payment option.
- Ukraine’s President Signs Virtual Currency Bill.
- Bill was signed on March 16, 2022
- The Virtual Currency Bill outlines regulatory agencies, fines for violations, and investor protections.
- Ukraine has received at least $100 million in crypto donations from people who support its defense and want to help fund humanitarian efforts.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.