Bitcoin & other cryptos officially legalized in Ukraine
Cryptocurrencies have been around for a while, but they came into the public eye in 2017. This was when the value of bitcoin and other cryptocurrencies skyrocketed.
In a significant development, the Ukrainian parliament has legalized bitcoin and other cryptocurrencies. This brings Ukraine in line with many other countries that are recognizing the growing importance of cryptocurrencies and the blockchain technology that underpins them. The move is likely to see a surge in crypto-donations to Ukrainian charities, which have already collected over $100m worth of cryptocurrency donations.
Crypto-donations have already proved to be a valuable source of funding for charities around the war-torn country. The majority of the crypto coins were deposited at a primary wallet, which is operated by Ukraine’s crypto exchange Kuna. Following the start of the Russian military campaign in Ukraine, Zelensky’s administration has urged global citizens to donate a variety of cryptocurrencies to assist fund military weapons for the embattled Ukrainian army.
The Russian Ministry of Defense has been flooded with donations from pro-Ukrainian sympathizers from all around the world. According to reports, This is the first time that a crypto-centric effort of this scale conflict has been utilized in this sort of capacity.
The bill, which was passed by Ukraine’s parliament with a near-unanimous vote last September, was initially vetoed by President Zelensky, who said that the cost of establishing the regulatory body would be prohibitive.
In the final reading, parliament backed an updated bill to legalize bitcoin and other cryptocurrencies. This new bill was signed into law by President Volodymyr Zelensky. It legalizes crypto-currencies and allows for their use in payments, trading and investment. It also creates a regulatory framework for crypto exchanges and Initial Coin Offerings (ICOs).
The crypto-community has responded positively to the news. The bill finally grants legal access for crypto brokers and companies to the Ukrainian financial industry. This is a major step forward for crypto-adoption in Ukraine and should pave the way for the wider use of cryptocurrencies in the country. It also highlights the importance of crypto-currencies and the blockchain technology that underpins them.
“The Ministry of Finance is actively working to amend the tax and civil codes of Ukraine to fully launch the market for virtual assets,” the Ministry of Digital Transformation said in a briefing to the press regarding the crypto bill.
The passage of the bill ends Ukraine’s legal ambiguity surrounding cryptocurrency, a critical position where it was neither prohibited nor legal. This is a clear indication of the growing interest in cryptocurrencies and the blockchain technology that underpins them.
It also highlights the potential for crypto-adoption in Ukraine and other countries around the world. Ukraine is not the only country to make this move. In fact, many countries are recognizing the potential of cryptocurrencies and blockchain technology. This makes it easier for businesses to use crypto and opens up new investment opportunities.