After parliamentary approval last month, Ukrainian President Volodymyr Zelenskyy finally signed a law allowing the crypto industry to grow in the country.
Through the law will be clearer the status of cryptocurrencies and their classification; ownership and entities responsible for overseeing digital assets; including requirements for registration of crypto service providers.
It is understood the National Bank of Ukraine and the National Commission on Securities and Stock Markets are responsible as supervisors of cryptocurrencies.
Even though the cryptocurrency is now accepted by Ukraine, it does not mean that the country intends to follow in the footsteps of El Salvador which made Bitcoin (BTC) a legal currency.
At the same time, confirmation from the president of Ukraine shows that crypto law now plays a key role in the defense of the country from any external attacks.
For the record, the tragedy of Russia’s attack on Ukraine invited worldwide contributions in various types of cryptocurrencies: BTC, Ethereum (ETH), Solana (SOL), Polkadot (DOT), Dogecoin (DOGE) and Tron (TRX) worth nearly $ 100 million .
Still, concerns arose if Russia took advantage of the decentralized crypto advantage causing Ukrainian deputy president Mykhailo Fedorov to urge several major crypto exchange platforms - Binance, Coinbase, KuCoin - to block access in the invading country.
But they had to reject Fedorov’s request because the sanctions were based on unsubstantiated grounds, unless there were Russian entities or individuals involved in illegal activities in the use of crypto assets.
