Ukraine Passes Law Legalizing Crypto as Threat of War Looms

Ukraine has passed an amended crypto law that has formally recognized the asset. However, the adoption of this new law is not only set to be a milestone in Ukraine’s legislative history but also marks a first in history as it is the first instance of a Western nation passing crypto legislation for the purpose of addressing the risk of war.

The parliament of Ukraine has passed amendments to its law “On Virtual Assets,” ratifying the eventual creation of a legal market for cryptocurrencies.

The Verkhovna Rada — Ukraine’s parliament — passed its crypto bill with majority support from 272 of its 450 members, according to an official statement. Amendments to the bill, which was first introduced in September, will see the National Commission on Securities and Stock Market installed as the primary regulator for crypto.

“The new law is an additional opportunity for business development in our country,” said Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation. “Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global market for virtual assets.”

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