As virtual asset donations continue to pour in for supporting Ukraine’s defense against Russian invasion, Ukrainian President Volodymyr Zelenskyy signs the “Law on Virtual Assets” and legalizes crypto in the country.
The official document states that the law was adopted by the Verkhovna Rada of Ukraine on February 17.
In Brief:
- The National Commission on Securities and Stock Market will shape and pursue the state policy for digital assets.
- The newly signed law will decide the legal status and digital assets ownership rights.
- The Ministry of Digital Transformation is vigorously working to amend the Tax and Civil Codes to launch the virtual assets market.
The National Commission on Securities and Stock Market and the National Bank of Ukraine will regulate the new digital market.
The National Commission on Securities and Stock Market will shape the state policy for digital assets. The Commission will determine the procedure of turnover of virtual assets along with issuing licenses to virtual asset service providers (VASP). And lastly, it will carry out regulation, supervision and financial monitoring of the market.
The Law will decide the legal status and digital assets ownership rights. The Law will regulate the list of virtual assets providers and will also lay down the conditions for their registration. The bill will create conditions for further formation of the legal field in the market of virtual assets.
It is also revealed that the Ministry of Digital Transformation along with industry representatives have drafted the bill. The Ministry of Digital Transformation is vigorously working to amend the Tax and Civil Codes of Ukraine to launch the virtual assets market in full swing.
As for donations, Ukraine has been receiving a lot of support from across the globe in these war-torn times. Recently the subscription-based social media platform OnlyFans has donated nearly $1.3 million in Ethereum to UkraineDAO.
