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17 Mar, 2022 17:00

Ukraine legalizes crypto to raise war cash

Bitcoin and other virtual assets are now legal tender in the country
Ukraine legalizes crypto to raise war cash

Ukraine’s President Volodymyr Zelensky on Wednesday signed into law a bill that effectively legalizes cryptocurrency in the country. The decision comes as Ukraine has received crypto donations worth tens of millions of dollars from individuals and groups amid the ongoing conflict.

The so-called “Virtual Assets” bill establishes a legal framework for the use of Bitcoin and other crypto, determining their legal status and classification with regards to ownership and regulation. The bill will allow cryptocurrency exchanges and companies to legally operate in the country, with full access and support from the traditional financial sector.

“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 statement. “The signing of this law by the president is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

Last month, Ukraine started accepting digital donations like Bitcoin and Ether towards its military. The government has since expanded the number of cryptocurrencies it accepts for donations, including Dogecoin, Solana, and others. It has raised over $63 million so far, according to blockchain analytics firm Elliptic. Some media report the country has received $100 million in crypto donations since the war began.

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