Ukrainian President Volodymyr Zelenskyy has signed a law to legalize cryptocurrency in the country.

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In a statement, Ukraine’s Ministry of Digital Transformation first announced that President Zelensky signed a law "On Virtual Assets," which enables conditions for the launch of a regulated crypto market in the country.

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Before yesterday, cryptocurrency was not illegal in Ukraine, but the new law determines the legal status, classification, ownership, and regulators of virtual assets, as well as setting registration requirements for crypto services providers.

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The National Securities and Stock Market Commission will be in charge of regulating the new market, as it now has the power to determine the country’s policies on digital assets and issue licenses to virtual asset providers, such as exchanges.

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Ukraine has received nearly $100 million in cryptocurrency donations in Bitcoin, Ethereum Solana, Polkadot, and even Dogecoin, allowing the country to not run out of critical supplies while fighting off the Russian invasion.

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