Topic: Ukraine has legalized the cryptosector (Read 419 times)

This good news makes crypto prices gradually improve. especially in the aftermath of the Russian state which has also legalized crypto. what an amazing year despite the many conflicts of war and world chaos.
but this is good news for crypto.

IMO they have made a really good decision. I believe that this decision that they made would go as far as helping the country even after the war is over which we are all praying for. We all know for sure that cryptocurrency has really been a useful tool for Ukraine at this hard time. Through the cryptocurrency donations that they have received during the war they have been able to support their military in so many ways.

Imagine that they were not open to accepting cryptocurrency, most of what they have gotten through cryptocurrency wouldn’t have been made possible. It is good to see a country that is open to such an advancement in different areas.

Of course they do, but the point is that if they did it before the war started, they could have bought like hundreds of the same weapons, and get ready a lot better. I am not saying that they are too late, they were not, the donations certainly helped and building one drone warplane or whatever they are called does take a bit of time, so even if you paid Bayraktar company 100 billion dollars, which it wouldn't cost that much, you wouldn't be able to get them all in the same day, this is not Amazon order.

Donations in crypto allowed Ukraine to buy drones that blow up tanks, just imagine that for a second, we are REALLY living in the future right now and it is not looking good.

Cryptocurrencies has a global community that according to current data more than 500 million users, or about 8% of the population of the earth today, with the increasing user then makes many countries that are increasingly open and receive cryptocurrencies so that they can be a helper when economic problems are especially Ukraine currently in the war.

Open information is still playing against Ukraine. The other day in Kyiv, a shopping center near my house was destroyed by rockets, because some idiot posted a photo of vehicles passing by. But when it comes to cryptocurrency, I don't think it's so critical that information can be tracked. It will still be more quantitative than qualitative information and it is unlikely to reveal key positions. Cryptocurrency is not transferred directly to the final wallet, there are ways to hide some moments. Of course, they can also be revealed, but it takes time. And it is this time that we can win and use to our advantage.

The war between Russia and Ukraine, Ukraine already declared crypto currency As a valid in their parliament. Because a lots of millions dollars from differents countries transfer through crypto currency.

Am not surprised, I mean with the millions of dollars the country was able to raise from donators around the world in cryptocurrencies, it would be stupid for them not to legalize crypto.
It's as simple as that, like we always say, "people fear what they don't understand, hate what they can't conquer", Ukraine has is now among those who now understand cryptocurrencies and the power it carries, so I did be really surprised if this news has been the other way round.

 The sad thing about the online world right now is that if you share too much information these days, then you could risk people's lives. I have seen a Reddit post that showed where the Ukraine soldiers were, the only reason for it was to show how they are happy even in the face of war, it wasn't badly intended but then Russia used it to track them and dropped a bomb on them. So the internet is always there for tracking, the same goes for money as well. If you end up using crypto to buy stuff, it could be tracked where the money came from, and where it went, which would be something Russians will take note of, even after the war ends.

Oh yeah definitely, combined with Elon Musks satelite internet that becomes a viable and unbreakable option. However perfect, it could be used as a way for the Russians to localize UA/people providing money/services/other for the UA Military by their incoming and outgoing electromagnetic signals.

So it might be best to be rather careful with how you go about doing that, if you are the one accepting the donations in Ukraine. I think best way is to donate to charity of Russian-unfriendly countries who then find other ways to get weapons/help inside Ukraine.

But it gives donators an easy way to help the Ukrainian army forces. Now Ukrainian officials will get all the donations directly and in times of war, every sip of help is important. For being one of the poorest countries in Europe few billion dollars is not a very bad amount for a country like Ukraine. Also, several crypto companies are running a donation campaign for helping Ukraine so it seems to legalizing crypto in Ukraine became helpful after all.

I think that he took this step to stabilize the current situation, rather than with an accurate view of the future. Of course, in the future the consequences of this decision will be even more noticeable. It is simply not possible now to talk about certain stocks that will be used in the future to pay off debts. Almost all the funds have already gone to the armed forces, territorial defense and humanitarian aid. We need the cryptocurrency that is being donated right now, so it is being used in full. In the future, we hope that russia, as the aggressor country, will be obliged to pay reparations. Therefore, there will be those who will rebuild Ukraine and pay off debts.

Considering the current sympathy for the Ukrainian I think it’s best move. Unlike Russia which is completely doomed with sanctions and economic burdens Ukraine will have huge support with crypto currency’s. I am thinking Zelensky is taking this step to further escalate the economic situation in the country so that they can have enough money when War is over and they will have debts to pay. As of now most of the banks are looted, grounded and destroyed so money is not getting printed in the country neither accounts are tracked.
Best way to take everything in the virtual world that is Crypto Currency. So this really sounds best to me taking into consideration all the conditions of Ukraine and it’s economic warfare.

Yeah, I agree with you. I also think that after our victory, there will be more motivation to pay taxes and to do things officially in Ukraine because people will want to help the state allocate resources to rebuild the country as well as to help boost the economy. I was thinking of taxes and stuff before the war, but it's important for the procedures to become simplified and for taxes to be reasonable. Ukraine's certainly moving in that direction, and I hope that after the war it will all become clearer. And of course cryptos won't save our economy, but I'm sure that Ukraine will stay afloat and that our economy will actually become stronger than it used to be eventually.

Ukraine values these donations, because now every aid is vital. Perhaps we are not used to large sums, which other giant countries perceive as a drop in the ocean. But right now during the war, this is our advantage, because we are taking a more balanced approach to what we really need, thus adjusting our military strategy. When you have limited resources, you try to get maximum out of them. Whereas with absolute confidence in your inexhaustible source base, it is very easy to spend everything recklessly, because you believe that there will always be more. With this approach, it is very easy to go bankrupt, because you are not used to counting. And now the situation is such that it is necessary to do so.

A few billion dollars is not drop in a pan for many nations. It could be for the USA, or UK, or even Russia/China duo. But when we are talking about Ukraine, that amount is a lot of money. You know all those bayraktar drones that they are using right now and how they have been defeating many Russians using those drones?

It costs less than 10 million dollars to buy one. You could literally order 100 of those for a billion dollars. Do you realize how much power 100 drones gives you? They have done this with like a dozen, add in 100 on top of that and they would have already beaten Russia right now and kicked them out of the Kiev region and everywhere else with that much drones. So yes, 1 billion is a lot, at least for a war torn Ukraine.

This law would have been adopted regardless of whether the war would have started or not, since it was already adopted by the Parliament of Ukraine on February 17, even before the war began. In accordance with the Constitution of Ukraine, the President must sign the law within 15 days or return it for revision. When this term came to an end, the President signed the law.

I think you might be overestimating how much money they "could have made" with Bitcoin. In fact you are severly underestimating the amount of money countries deal with. A few billion is just a drop of water on the hot pan. In the end, it won't have as great of an effect as you think. Yes, they could have bought weapons with that money, but not enough to make a significant difference.

But you are right in saying they should have adopted Bitcoin a long time ago. It would have definitely benefited their economy.

I believe, this step is very important for my country. I have written about how this action can help during the war



But I am also thinking about the future. When we win the war, we will need to rebuild our country and to recreate economy. For the past few years there were quite a lot of people, who used crypto, who had additional incomes from it. In Ukraine the most people don`t have high salary, that is why almost everyone think about some other ways to get more noney. Unfortunately, it provokes shadow economy to become wider, people are working non-legally, they often don`t pay taxes. The same fate has befallen the cryptosector for a long time. Many people faced the problem when they were making money from crypto trading or investing, but did not know how to cash them out. Therefore, they spent efforts to find workarounds, although they could focus on their own investment if they knew they could do so legally. Signing this law creates opportunities to focus on people`s own earnings, without fear of banks having to figure out where it came from. It is better to pay taxes calmly than to be stressed that your accounts will be blocked, because money has appeared there, the origin of which you cannot legally explain. In addition, the state will only benefit from extra budget revenues.

Unfortunately governments will only understand the brilliance of bitcoin and crypto only after it is too late for them. If Ukraine did this way before the war started, they could have gathered so much more taxes. Imagine if they did this 5 years ago, and promoted themselves as crypto capital of Europe? They would have gathered billions of dollars from taxes and could be spent to get a lot more drones and weapons and armor.

In any case, they are at least doing fine right now and they have seen the beauty of it, Russia is slowly getting it as well and they are using it too, so both sides have realized why bitcoin could be great for them all.

Well, I understand what you are trying to say. When it is true that the government are only interested in Bitcoin because of what has started happening in their country. Assuming that there was no war in their country by now it is possible that they wouldn’t have opened their arms to embrace cryptocurrency in their country, and it would have been nothing but a dream.

Since, they have ended up seeing themselves in a really tight position, they have no other option than to do whatever is necessary or possible for them to keep things moving, which adopting cryptocurrency is one of the decisions that they believe they can make at this point. Anyways let's hope that after everything that they continue to allow cryptocurrency as a legal asset in their country.

at least they understand the use of bitcoin in the current situation, until finally they can do more after the war is over, and don't forget bitcoin services. but we can only hope, of course they will only calculate the profit and loss. but indirectly it is at times like this that bitcoin has more value and has proven usefulness, so that everyone can judge it because the development of the times is inevitable

Why do I have this feeling that governments are clowns, it is not limited to any country, they are all the same. The legal proceedings came in when they were on the hot seat, what happen to the process before they were invaded by the Russians. Ukraine was largely donated to by the Bitcoin community, it is time others should follow the legal preparation of Bitcoin before it is too late. I hope Zelensky doesn't change his mind about those bitcoins donated, I trust no government when they sit on their chairs.

But this legalization was directly due to the russian invasion and not the will to support cryptocurrency whatsoever,they just needed a safe place to store goverment and individual wealth in this ongoing crises.

I'm more under the impression that they are worried that cryptos could outright replace fiat should they become legal tenders and we know part of the governments' powers come from being able to print money. But yes, they are wary and would like to observe first if it would benefit them.

A good way to embrace crypto in ukraine and this will make a big impact in the market as well. Hence ukraine was donated with crypto funds from all the people as a legal aid during the crisis, it is an absolute right to make it a legal currency because banks were having a trouble  since the invasion. This could be an alternative to ukrainians to buy goods, foods and services.

When they legalize crypto, it's the same as they adopt it but it can encourage other countries to follow if they see Ukraine have now legalize cryptos. It could take some more time before they make cryptos as a legal tender. They first need to make sure that cryptos are okay to use and they need to observe if more people are happy and contented of using it.

You should not worry about Russia because Russia already has a plan like this before the Ukraine acted it but it's only just a plan though and till now there is no update in regards to the status of crypto in Russia. They are not rushing because they know that other countries are watching them if they commit such act.

Well, they are getting a lot of donations via crypto so it would make no sense for them to not to.

Besides, it is an overdue decision in my opinion. Many countries have already done this time and time again.

Allowing institutional crypto firms to exist is now one of the priorities that countries must get right, because it is able to give them such a big economic advantage over others.

Such an official website already exists - Aid For Ukraine https://donate.thedigital.gov.ua/ Thanks to the FTX cryptocurrency exchange, all collected cryptocurrency is converted into fiat and transferred to the National Bank of Ukraine. As reported on the website: "This marks the first-ever instance of a cryptocurrency exchange directly cooperating with a public financial entity to provide a conduit for crypto donations".

Making this legal is a great thing and a proof that crypto is something big and we really need it. People should still be careful on donating with Ukrainian crypto address, many are still fake and that project could be a scam. Better to wait for the legit site and legit address, crypto will surely make the world better especially if more people will start to use it.

 Once again, people are missing out the long term impact of these donations. Crypto is not always seen in a shining light, there are too many politicians who are trying to make it sound like crypto is a bad thing, and having crypto in a good light where we are donating to save lives surely impacts it in a good way. This will make news places to talk about crypto and how we donated 100+ million dollars to help Ukraine win this war or at the very least help them. This is why I believe that its not just about Ukraine making it legal, it is also about a lot more people seeing crypto as a good thing, all around the world.

It is not just about the donations, people are not able to withdraw the funds from banks and there is a serious shortage of paper currency and the government needed to act in order to counter these issues and glad to see that they are including the cryptocurrency market in the grand scheme of things.

The two things i loved is

Ukrainians will be able to protect their investments in virtual assets.
The state will guarantee judicial protection of rights to virtual assets

But i am curious whether we need to reveal our assets before hand before getting these protection or a simple proof of owning the wallets is more than enough to get these protection.

Ukraine even at its worst situation legalized the usage of bitcoin and other cryptocurrencies. At this moment Ukraine have made this decision to overcome the ongoing issues with transaction and to receive the donations with ease. Already it have recieved more than $60 million in donation. By the same time Ukrainian Bank have restricted the people from buying bitcoin with fiat. This is an initiative to recover the fallen economy.

Wondering why if there’s no sanctions against them most probably, they are doing this to reach more people especially on giving help but with regards to their economy, I think crypto wont affect that much they still need to do something better to slowly recover from this war. Though making crypto legal is a good thing, but for sure this us just their band aid solution.

Yeah, why almost all the articles that we read are like that? There is always a twist in the middle or at the end of their sentence. This is the same to what I read before, where one country will now make bitcoin and tether a legal tender but the catch is they will tax the users of it. Government is truly wiser than us. It's a false alarm to think they naturally adopt bitcoin but first, there must be conditions to follow but overall this was still nice right?

Because at the end of the day, they still accept bitcoin and I think that is the most important part there, not the tax or anything and we shouldn't be angry with the taxation part because taxes are a part of the economy.

I think there are several possible reasons for this. 2 most plausible. Firstly, this is done in order to make the cryptocurrency legal to donate to the country. By this they draw attention to themselves, make it clear that they are ready to accept help in this case. Secondly, most likely they released a previously planned project that they had been developing before, just coincided with these events. I have long heard that Ukraine wants to legalize cryptocurrency.

This will definitely happen, in the war with Russia crypto has played an extremely important role for Ukraine. As they begged the world to mobilize people to support them through the war. Without crypto, I don't think how we can donate a large amount of money to them when the cross-border remittance of banks is fraught with formalities and complications.
Hopefully, legalization will pave the way for bitcoin to become legal tender in Ukraine when the war is over.

Legalization is good as it encourages adoption but I'd still like it to be given the status of a legal tender rather than just an asset for trading an such. Nevertheless this is a favorable development and we'd probably see more from Ukraine as it try to incorporate crypto to keep its economy above water. Russia should start taking notes, LOL.


This is a very good summary of all the benefits legalization have for the government.

Ukraine has legalized crypto, but not as a legal tender, but as a free-to-trade asset. In the midst of the onslaught of Russia, the Ukrainian president has legalized bitcoin, but I don't know what is the purpose of Ukraine legalizing bitcoin in their country, what do you think is the purpose of Ukraine legalizing bitcoin in their country,??

It just come up today the news from FOX about Ukrainian President Zelenskyy legalizing crypto. https://www.youtube.com/watch?v=Fdo8Ad4Onmk

So they really are up to it, it could be a new bull market indication again this year along with the crude prices  Ukrainian better be hurrying to grab the cheap tokens they could get today because it's their chance to get out of the mess this war had done. Maybe in the next few months, they'd be able to rebuild their houses that's been destroyed.

Legalizing crypto is just one step, we need to not just get it legal but we need to actually build a whole sector on it. If there are enough companies working in crypto inside Ukraine that would be the thing that would bring them real money. Since they are in a war right now, I doubt that anyone would care about the current situation and go into it.

But after this war is over, they could have a lot of people who would be willing to open some companies there thanks to this law. Miners could actually get a lot of money (hence pay a lot of taxes) if it could be arranged some way. They famously have a nuclear plant (that got bombed recently) which could provide cheap energy.

Until this law was adopted and signed by the President of Ukraine, it was possible to freely buy and sell cryptocurrency in the country. Since the principle was in effect that everything that is not prohibited is allowed. So for many, this law has not changed anything at the moment, but due to the ongoing war, activity in this area has decreased on the contrary.

I was expecting to see such an article about Ukraine and cryptocurrencies anytime after the war started, Zelensky is trying to be a hero of this war and he wants to legalize cryptocurrencies for people to help them keep using bitcoin and cryptocurrencies, now Ukrainian people cab start investing on bitcoin and other cryptocurrencies to stay safe from the inflation came from the war and keep their money safe, due to the increasing usage of bitcoin and cryptocurrencies on Ukraine that's normal to see Ukrain wasn't to legalize it.

The President of Ukraine Zelensky did not change his attitude towards cryptocurrency to a more positive one. In Ukraine, and before there was actually no authority and management, or even a senior official, who would oppose the legalization of cryptocurrency. Zelensky vetoed the previous draft law on digital assets only because he did not agree with the definition of the body that would have to regulate the circulation of cryptocurrency in the country. Therefore, when this question was changed to a more logical one, he signed this bill.
There was a lot of well-deserved criticism of Zelensky's actions as president of Ukraine before the Russian aggression. But after the Russian attack, everything was thrown back and all the people, including Zelensky, are working harmoniously to defend the country and future victory in the war.

When your nation is getting 100+ million euros in donations from crypto, suddenly you would be getting a bit more interest towards it personally as well. We need to remember that presidents are regular humans as well. Humanity likes to create gods out of people and keeps on promoting them to be heros and all that, you do not have to like trump, you do not have to like Biden, you do not have to like Putin or Zelensky or macron or merkel or anyone.

These are just regular people and just because they have a different profession then yours, you should not be really promoting them to a higher standard. This is why Zelensky probably saw the money coming in, and changed his views, realized he was wrong and accepted it this time around.

When the crypto played a huge role in the war.This crypto gonna had  a root base now.Now the Ukraine government official accepted the crypto for the donations, it mean the Ukraine had like legalized of crypto currency in their country.When the flow of crypto increased in the Ukraine, this will be the good news. You can check the price in past two days.Some good pump in the price of bitcoin pump will leads to the bitcoin pump.

Making it as legal tender I believe is not an immediate solution to this situation.
Just be glad that they are now recognizing the importance of crypto market.
They received hundred of millions of dollars courtesy of crypto, this is why they recognized its importance during this war.
Legalization is already a good step in terms of adoption. We can't ask too much during this crisis.

I thought they made it (or were making) crypto currencies legal before the war started. But weren't crypto currencies already legal over there? Or did they belong to the grey area? Because I have seen many Ukrainian based exchanges swapping between coins or digital wallets like paypal.
Anyway, good move by the government. At least the citizens will be able to protect their assets if they hold everything in bitcoin. Would have been better if they made it a legal tender. Eventually though will happen.

Ukraine is looking for all sorts of inbound funds and sources of revenue so it makes complete sense to start permitting crypto - especially with the flood of overseas donations heading into the country. It's nice to see that it now has official backing, let's hope their website and wallets are adequately secured away so that these funds go to the most useful places. It's quite a substantial boost to the crypto scene when this defiant and war torn country has decided to accept this new form of currency in their fight against an invasion with it being signed off by the president himself. It's amazing they even have the capacity to deal with such economic issues in this dark time.

According to the information posted on the official website of Aid For Ukraine https://donate.thedigital.gov.ua / the FTX cryptocurrency exchange will be engaged in the conversion of the collected cryptocurrency into fiat. Accordingly, you will not be able to track thanks to the blockchain where the cryptocurrency will be spent.

That's really amazing because right now the banks are suffering terribly form the war, even if there are donations pouring down from various sectors and sources, there are still a lot of problems as well. I do think this is something that the Russians will do soon as well. Due to the sanctions they are having a hard time maintaining any kind of assets anywhere therefore for them it would be the wise option.

Government was already engaged in cryptocurrencies way before the war. Ukraine was already becoming the new crypto hub therefore it's not going to loose it's edge after the war ends as well.

The people would be able to track down the donations as well since the government is officially accepting crypto payments and donations therefore I think it can be quite positive.

It is positive news, but it cannot return to being related to the war.

• The government is looking for ways to finance and digital currencies may be a source of obtaining some aid.
• It may also be imposing taxes or making companies operate virtually without having real offices in that country.
  
• It is not as positive as accepting Bitcoin as legal tender but the legislation would be good for individuals.
  
• A legal background can now be found for all fraud cases that may occur during current donations.
  

The government will now accept donations legally.

Regardless of whether this law was previously adopted or not, this did not prevent the official collection of donat in cryptocurrency for Ukraine, even when this law was not signed by the president. In the future, legislative acts will be adopted that will clearly regulate cryptocurrency, including taxation of citizens whose activities are related to cryptocurrency.

It should be added to this good news that the signed law was prepared several years ago, and only on September 8, 2021, the Verkhovna Rada of Ukraine adopted this bill No. 3637 in the second reading.
However, the President did not agree with the definition of the cryptocurrency regulator and returned it for revision. Taking into account the presidential amendments, the law on virtual assets, which began to attribute this market to the regulation of the National Securities Commission and the National Bank of Ukraine, was re-adopted on February 17, 2022.

At the same time, the Minister of Digital Transformation indicated that the volume of transactions in Ukraine with virtual assets is about $150-200 million per day, and the capitalization of virtual assets is more than $2 billion.

The cryptocurrency market in Ukraine has worked before, as the government has always favored the cryptocurrency. But indeed, after the war began, crypto assets became a powerful tool for attracting additional funding to protect against Russian aggression. During the three weeks of the war, the crypto fund of Ukraine raised more than $54 million in crypto assets for defense.

some months ago I was in ukraine and kiev for my jobs ... and what struck me was seeing everywhere the currency exchange exhibiting the B of bitcoin in plain sight!
this country is already directed towards the adoption of cryptocurrencies at a popular level .... much more than many Western countries... And it is an obligatory choice for those who know this alternative since the devaluation of their national currency

Zelensky is proactive for his people during this war time. Today he addressed the Congress and seeking for help from American, after the speech Biden announced $800 million in military aid for Ukraine. He is taking steps to get help and legalizing the cryptosector is such an open invitation for more help. This move will also get Ukraine back on feet after the war.

Just a heads up, I know it's different board and maybe different aim, still, it's also being discussed here: https://bitcointalksearch.org/topic/m.59545654

Despite the ongoing war, Ukraine continues its movement towards a civilized cryptocurrency market. On March 16, president of Ukraine Volodymyr Zelensky signed the law of Ukraine "on virtual assets", according to the government portal of Ukraine https://www.kmu.gov.ua/news/ukrayina-legalizuvala-kriptosektor-prezident-pidpisav-profilnij-zakon

"This law creates conditions for launching a legal virtual asset market in Ukraine. The new market will be regulated by the National Securities and stock market Commission".

As the Minister of Digital Transformation of Ukraine Mikhail Fedorov wrote in the Telegram channel https://t.me/zedigital/1368 , this law will allow:
- foreign and Ukrainian crypto exchanges will operate legally;
- banks will open accounts for crypto companies;
- Ukrainians will be able to protect their investments in virtual assets.
- the state will guarantee judicial protection of rights to virtual assets



For those who are not indifferent, I leave a link to the official website of Aid For Ukraine https://donate.thedigital.gov.ua