Ukrainian President Zelensky Signs Bitcoin Legislation

On March 16, 2022, Ukraine's President signed the bill 'On Virtual Currency.'

According to a translated press release from Ukraine's Ministry and Committee for Digital Transformation, President Volodymyr Zelensky has officially signed into law the structure upon which Ukraine will build bitcoin and other cryptocurrency markets, legalizing the emerging market and "bringing the crypto sector out of the shadows."

"Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies," said Mykhailo Fedorov, Deputy Prime Minister for Digital Transformation, in an official release on February 17, the day the law was passed by the Ukrainian parliament with 270 votes in favor. "A transparent framework for investing in a new asset class will emerge." "The minister went on.

At the time of its passage, USA GAG covered the bill, discussing the regulations that bitcoin and other cryptocurrency exchanges must follow, defining the National Securities Commission as its regulatory agency, and outlining potential fines for violations of the standards outlined in the document titled "On Virtual Currency."

The president signed this bill after it was passed in September of last year but vetoed by the president in October. President Zelensky stated at the time that the cost of establishing a totally new regulatory organization was very expensive, and instead advocated that the National Commission on Securities and Stock Market (NSSMC) take over as main regulator.

As a result, Irac Baramia, a member of the NSSMC, responded to President Zelensky's request with the following statement: "The NSSMC does not support Bill 3637." This is Ukrainian knowledge on the regulation of cryptocurrencies and cryptocurrencies by the Ministry, which lacks direct regulatory expertise. The Ministry of Finance may become a component of the cryptocurrency infrastructure, but not a regulator "in a translation of a statement

The stormy dialectic between regulatory capacity and regulatory body assignment got increasingly strained as growing sums of bitcoin and other cryptocurrencies poured in to support military efforts to counter Russia's invasion. As the Ukrainian government resorted to social media to solicit funds, they acknowledged their inability to accept bitcoin or other cryptocurrencies as direct payments to the government.

The passage of this law marks Ukraine's first move toward a more open bitcoin market and away from the country's bumpy path to legalization.

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