Ukraine Legalizes Cryptocurrency Industry Ukraine's President Volodymyr Zelensky signed a new bill which will legalize the industry in the country.

By Emily Rella

Shutterstock

As nations band together to help Ukraine in wake of the country's ongoing conflict with Russia, many are sending aid in the form of donations.

Now, doing so will be even easier (and even more funding will be able to find its way into the country) as a new bill signed by Ukraine's President Volodymyr Zelensky has now legalized the cryptocurrency industry in the country.

"From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine," read a Tweet from the Ministry of Digital Transformation of Ukraine.

The National Securities and Stock Market Commission of Ukraine will regulate the market as crypto will now be accepted as digital currency.

Last month, the country passed a law that formally recognized cryptocurrency as a legal asset, a big step for the country that came in anticipation of a potential Russian invasion.

"The new law is an additional opportunity for business development in our country," said Mykhailo Fedorov, Ukraine's Minister of Digital Transformation, at the time. "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."

Coindesk reported that as of March 9, over $60 million worth of crypto spread over 120,000 donations was raised for Ukraine in the days that followed Russia's initial invasion, while Ukraine's Ministry of Digital Transformation Mykhailo Fedorov estimated that the country received close to $100 million crypto donations in total after accounting for other donations made by "smaller funds."

The new law will allow these donations to be processed and used, opening the gates for crypto traders and owners to donate to Ukraine via their digital wallets.

An estimated 5.5 million Ukrainians own cryptocurrency, while an estimated $8.2 million of crypto was sent by the country from July 2019 to June 2020.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Editor's Pick

Related Topics

Business News

Tech CEO, 26, Found Dead in Suspected Murder

Pava LaPere founded EcoMap Technologies in December 2018.

Business News

Target Will Close 9 Stores Across 4 States Due to Ongoing Crime That's 'Threatening the Safety' of Customers and Employees

Target stated that it "invested heavily" in efforts to combat crime, but it just didn't work.

Business News

Sorry, Point-Lovers—Buying With a Credit Card Can Be Costly For Small Businesses

"Swipe fees" — charges imposed on merchants for processing card payments — can add up for small businesses, with some saying it's their third largest expense.

Business News

People Are Eager to Go to Europe. But a 'Strange and Humiliating' Requirement Is Derailing Travel Plans.

There aren't enough resources to keep up with the demand — and it's causing major problems.

Business News

This State Just Replaced New York as the Country's Second Most Valuable Housing Market

A recent report by Zillow found that Florida has edged out New York as the second most valuable housing market in the U.S., while California is still No. 1.