Ukraine Legalizes Cryptocurrency; People Send Tens of Millions In Donations

Ukraine has legalized cryptocurrency as the country receives millions in virtual donations.

On March 16, Ukraine President Volodymyr Zelenskyy legalized cryptocurrency by signing a bill, making it effective immediately for the country and its inhabitants. The Verge reports people and groups worldwide have been sending tens of millions in donations as the country struggles against the Russian invasion.

“Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. 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,” wrote The Ministry of Digital Transformation on Twitter.

Ukraine’s parliament approved the bill last month, which “creates conditions for the launch of a legal market for virtual assets in Ukraine.” Ukrainian banks will now be able to open accounts for crypto firms. The Verge reports that crypto exchanges and companies that handle other virtual assets like bitcoins will have to be registered with the government.

“With the beginning of the war, cryptocurrencies became a powerful tool for attracting additional funding to support the Armed Forces of Ukraine,” said Ukraine’s Vice Prime Minister of Digital Transformation, Mykhailo Fedorov. “In more than three weeks of war, the Crypto Fund of Ukraine has raised more than $54 million in cryptocurrencies.”