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Title : Ukraine legalizes cryptocurrency against Russian invasion | World News
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Ukraine legalizes cryptocurrency against Russian invasion | World News

Ukraine has legalized cryptocurrency because it has received tens of millions of dollars in donations from individuals and groups to help combat the Russian invasion.

Ukrainian President Volodymyr Zelensky has signed a law creating conditions that will further develop the legal sector in the virtual property market.

The new market will be regulated by the National Commission for Securities and Exchange.

The signed law determines the legal status, classification and ownership rights of the virtual property and the list of suppliers of the virtual property and the conditions for their registration.

Until now, the Ministry of Digital Transformation has been developing the legal framework in this area.

“The Ministry of Digital Transformation is actively working to revise the tax and civil codes of Ukraine and to fully launch the virtual property market,” the government said in a statement.

The signing of the crypto law is an important step in bringing the cryptocurrency sector out of the shadows and launching a legal market for virtual assets in Ukraine.

The government tweeted that “Ukraine has legalized the crypto sector. From now on, foreign and Ukrainian cryptocurrency transactions will be legal and banks will open accounts for crypto companies.”

Companies that handle crypto transactions and other virtual assets are required to register with the government.

“Since the beginning of the war, cryptocurrencies have become a powerful tool for attracting additional funds to support Ukraine’s armed forces,” said Mikhail Fedorov, the country’s deputy prime minister and minister of digital transformation.

“In more than three weeks of war, Ukraine’s crypto fund has raised more than $ 54 million in cryptocurrencies,” he said.

According to media reports, the government has received $ 100 million in crypto donations.

In September 2021, El Salvador became the first country to allow consumers to use cryptocurrency in all transactions, including the US dollar.

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