Russian invasion and millions of crypto donations force Ukraine to legalise cryptocurrency
- Amid the ongoing Russian invasion,
Ukrainehas legalised cryptocurrency.
- Ukraine has received millions in cryptocurrency donations since the invasion.
- This will also allow cryptocurrency exchanges to let users, including the government, convert their crypto holdings to fiat.
War-torn Ukraine has legalised cryptocurrencies after receiving millions in crypto donations since the Russian invasion began in late February. Ukraine president
“From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies,” tweeted Ukraine’s Ministry of Digital Transformation.
Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurren… https://t.co/SGnztfExLf— Міністерство цифрової трансформації України (@mintsyfra) 1647443203000
According to the ministry’s statement, Ukraine’s stock market regulator will be tasked with keeping an eye on cryptocurrency exchanges.
Ukraine’s National Securities and Stock Market Commission will also be tasked with outlining a policy for virtual assets, according to an announcement the Ukrainian government made in February.
Tax and civil codes will subsequently be modified, with the
It is worth pointing out that cryptocurrencies were not illegal in Ukraine – just like in India – but giving them the legal status opens up new avenues for the government to generate revenues via taxes, and regulate trading to ensure safety for users.
Why did Ukraine legalise cryptocurrency?
Post the Russian invasion of Ukraine, the country received over $100 million in cryptocurrency donations.
Post the legalization, Ukraine’s first crypto exchange,
AdvertisementThe other major example of the legal adoption of cryptocurrency is El Salvador, which made Bitcoin legal tender back in 2021.
While cryptocurrency is not legal in India yet, the government proposed a tax of 30% on virtual assets. Although cryptocurrency is not technically legal in India yet, this will allow the government to mop up revenue from crypto trading.
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