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Ukraine legalizes cryptocurrencies

Ukraine legalizes cryptocurrencies

Among the reasons that led to the prompt adoption of the law was the strong financial support of the country by the crypto community. 

The adoption of the new law is reported on the website of the Ministry and the Committee of Digital Transformation of Ukraine. The law On Virtual Assets defines the legal status, classification, and ownership of virtual assets, sets conditions for further formation of the legal framework in the virtual asset market, defines a list of virtual asset service providers and registration requirements, and includes the introduction of financial monitoring measures in the cryptocurrency sector. The National Commission on Securities and Stock Market will supervise the work of crypto companies. 

As a result, it will be possible to open legal cryptocurrency exchanges in the country while banks can serve companies operating in the crypto industry. 

Ukraine's Minister of Digital Transformation Mikhail Fedorov noted, "Cryptoassets have become a powerful tool for attracting additional funding to support the Ukrainian Armed Forces. In three weeks of the war, the CryptoFund of Ukraine has raised more than $54 million in crypto-assets."

Recall that Ukraine recently announced an extra fundraising campaign using NFTs.

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