Ukraine Legalizes Cryptocurrencies

Reading time: < 1 minute

Ukrainian president Volodymyr Zelensky has signed the law “On virtual assets,” which was adopted by the Verkhovna Rada of Ukraine on February 17, according to the website of the Ministry and the Committee for Digital Transformation of Ukraine.

Market regulation is distributed between the National Bank of Ukraine (NBU) and the National Commission for Securities and Stock Market (NSSM). The National Bank is responsible for virtual assets secured by currency values. The NSSMC will be responsible for regulating the circulation of cryptocurrencies and virtual assets secured by securities or derivative financial instruments.

The National Securities and Stock Market Commission will formulate and implement a policy in the field of virtual assets, determine the procedure for the circulation of virtual assets, issue permits to virtual asset service providers, and exercise supervision and financial monitoring in this area.