Ukrainian President, Zelensky, Signs the ‘On Virtual Currency” Bill Legalizing Bitcoin

Bitcoin Magazine | Shawn Amick | Mar 16, 2022

Ukraine legalizes bitcoin - Ukrainian President, Zelensky, Signs the 'On Virtual Currency" Bill Legalizing Bitcoin

  • The President of Ukraine signed the “On Virtual Currency” bill into law on March 16, 2022.
  • The document outlines regulatory agencies, fines for violations, and investor protections allowing an open cryptocurrency market.
  • The law was passed by parliament in September, to later be vetoed by President Zelensky as he expressed concerns of funding for a new regulatory agency, and the now amended bill addresses these issues.

President Volodymyr Zelensky of Ukraine has officially signed into law the structure upon which Ukraine will build bitcoin and other cryptocurrency markets, legalizing the emerging market in a way that is “bringing the crypto sector out of the shadows,” according to a translated press release from the Ministry and Committee for Digital Transformation of Ukraine.

bringing the crypto sector out of the shadows

Deputy Prime Minister of Digital Transformation, Mykhailo Fedorov in the official release on February 17, the day Ukrainian parliament passed the law with 270 votes in favor. “There will appear a transparent mechanism for investing in a new asset class," the minister continued.

See:  Following Russia’s Invasion: Ukraine Suspends The Use of Electronic Money

The tumultuous dialectic between regulatory capacity and assignment of regulatory bodies no-doubt became pressured as increasing amounts of bitcoin and other cryptocurrencies flooded in to support military efforts to help fight against Russia's invasion. As the Ukrainian government took to social media asking for donations, they addressed their incapability of accepting bitcoin or other cryptocurrencies as donations that came direct to the government.

The signing of this law signifies Ukraine’s first step towards an open cryptocurrency market and away from their rocky path to legalization.

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