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.