Topic: Ukraine: Zelensky signed the law "On virtual assets" today (Read 530 times)

The digital asset focused outlets like cointelegraph or coindesk and other crypto exchanges and firms handling digital assets will be required to register with the government so as to operate in Ukraine and banks will also be allowed to open accounts for crypto firms.

Well this has an indirect cause of an increase in the demand for BTC, this in part is good for the BTC market because a large amount of demand would be entering the market, I imagine that many Ukrainians are helped from abroad by their families, friends , among others, and if they use BTC to do it, it is to secure the money in a great way, although this is one of the many ways to send money, I think that due to the situation it would be a blessing for each Ukrainian to receive money safely, I do not know what Those who are still struggling in the country are suffering so much, but I think that the items by nature should rise in price.

That is also what I think.
The President had probably thought of legalizing crypto before the war, we just don't know. Whatever the reason for this, I was glad that he was able to support crypto despite the challenging situation that the country had faced. The President is still on focus on growing their economy, not only on war.
This is really the thing why it was legalized and creates a Law in regards to this.

Yes, in the season of conflict and economic meltdown cryptocurrency have proven to be the best means to raised fund. I believe this is what the Ukraine government understand before they legalized cryptocurrency and something happened to the Chinese government when they raised capital for their Construction bank but I don't see them legalizing crypto in the future because they have chosen their path a couple of years ago.

I am totally agree with you that it is a great move by Ukraine .The have made a great decision on this conflict .If the war over they can immediately start to recover their economy through bitcoin .Most of the investor have that on mind so it will be great opportunity for them as well .They already have gotten donation through crypto .You were saying about china ,they still on hesitation what to do though they have run funding through block chain .Hope we may get few positive news in future .At the end we just want that the war need to be stopped and also wanna a peach world lo live .

The adoption or non-adoption of this law did not limit the collection of donations for Ukraine. After all, we all know that the collection of donations in cryptocurrency began after a tweet on the official page on February 26: https://twitter.com/Ukraine/status/1497594592438497282 , and the law was signed by the President of Ukraine on March 16. So this law "On virtual assets" is not aimed at collecting donations, but at the legalized thecrypto industry in Ukraine.

Nothing is unfortunate on legalization on war.When legalization occured, the flow of bitcoin will automatically increased from the normal value. It's reason for the pump in bitcoin price yesterday.The value of bitcoin crossed more that a 42k dollars.When the pump occur, same will be reflected in the price of most altcoin.It take 2-3 days for the stabilization of price to 42k dollars again. The fiat in Ukraine was most often exchange to bitcoin.

It's unfortunate that the legalization of crypto happened during the time of war but better late than never this is a win for everyone and I hope the people of Ukrainian will keep using crytptocurrencies even after the war is over.
But out of curiosity are the people still relying on the use of fiat to spend crypto or the system is built around the barter system.

In case you don't know, Ukraine isn't a part of the EU, and Ukrainian legislation thus doesn't really affect what's going on in the European Parliament. As for the law being signed during the war, Zelensky is working all the time, and from time to time it means signing laws, issuing decrees and stuff like that. Our Parliament is also working, by the way, considering and voting for new laws during the war.
It's a nice prediction, and yes, it's likely that this will happen. State's tolerance and interest towards cryptos grew significantly during the war, so it's not likely that Ukraine won't proceed with further crypto adoption after the war. The damage is huge, but I also heard $300 billion of Russian money is already frozen somewhere by the West and will be given to Ukraine after the war to repair the damage caused by Russia. But yes, of course Ukraine will need to boost its economy with something, and the crypto industry is a good option.

What can i understand from this, is that EU ignore all the activities he is actually doing , which are actually damaging the environment causing the Global warming, and focus on a minimalist details about POW based mining which doesn't represent a considerable share from the global carbon consumption. The EU is a big consumer of carbon.
In my opinion , this is a war against cryptocurrencies and i am sure we will see many attempts in the future by the spreadness of crypto adoption.

Yes. It is good that this POW-ban law was voted down by the parliamentary committee. Although it was a close call. Instead, we now have a law with much more friendly language which will encourage the further development the cryptocurrency industry in the EU.

https://www.euronews.com/next/2022/03/14/europe-to-vote-on-limiting-pow-crypto-mining-used-by-bitcoin-and-ethereum

It is the first time I am seeing this kind of power move by crypto. We are literally changing the course of time with our donations and that is a very strong stance. Maybe this is just Ukraine for the time being, but if this keeps up, and Ukraine keeps being like this, then maybe we can start with other nations.

Who says we can't help Africa with their problem? Who says we won't to Yemen? Or Taiwan in a crisis, or Hong Kong? Or Mexico? Or Venezuela? I mean the nations that have a problem is not just one nation, we have so many nations with terrible situations right now and crypto world could get a great reputation for bettering the lives of everyone around the world. That would definitely put us above the financial markets in fiat world, who are already hated by most people anyway.

Though it's good news for Bitcoin, and it will attract more users to the cryptocurrency in the long run. Those people who want to donate to the Ukraine but can't find a trusted source now from any country or anywhere they are sitting can easily send the money directly to the Ukraine by bitcoin. Well, I don't want to say anything about this war. Because it is really hard to think about those people who are suffering, if I give my opinion about Bitcoin, then the decision might give a really negative impression to those people who had a negative opinion about Bitcoin because of government speech. That's what I think of the positive effect of bitcoin.

Ukraine can turn into a crypto hub and build the economy on cryptocurrencies after the war. One week ago officials said that Ukraine suffered nearly $120 billion in infrastructure damage. The damage will at least double because Russia isn't going to stop and Ukraine is also not to give up. Both side lost a lot of money in the war, Ukraine is backed by the modern western world.

Once the war ends and I hope Ukraine will win, the main mission of this country and the government will be to attract money, investors and rebuild the country. The current war is a bright picture of how easily can any law change in force majeure even in 21th century.

My prediction is that Ukraine will become the crypto hub of Europe!

It's the right way to go if it will curb all the excesses of Vladimir Putin, seeing all the conditions he has given Zelensky. Honestly, I don't know (nobody does; not even Putin) what the outcome of this war will be. I'm sure no one believed it would longer to this day. It's almost a month since the Russia assault of Ukraine started. Well, if Zelensky's legislative move will be what Bitcoin and cryptos need to get strengthened and closer to mass adoption so be it.

To be honest with you, it's like the world cured itself of COVID 19 since this war started. All interest is now on Russia and Ukraine.

This also showed that without politicians, the world would be a much better place as well. Liberal works are always known to be favoring capitalists, but a "worker owned company" is not strictly communist at all, or a "private road" never needs to mean charged.

We could always have a bunch of people get together and help a nation out like this, or build roads ourselves by getting together, or a few friends getting together and building a business (self owned pizza shops run by a family?). So, I would have to say that politicians and bureaucrats keep on making the world a worse place, possibly just so that we would keep needing them to get it better.

Well i can understand this. But With the actual situation of Ukraine, and after Ukraine announced that it will recognize virtual assets legally, the members of the European Union will not be able to help Ukraine using cryptocurrencies if the crypto is fully/partially banned.
I read somewhere that the European union proposed the ban as reaction for th environment despite that the hashing power of all the European countries doesn't exceed 3-4% from global power. it could be better if they succeed to ban nuclear activities and other activities that damage the environment much more than mining activities .

After Ukraine get the world donation easily through Bitcoin, i can say i am not surprised that Ukraine will find safe haven in cryptocurrency because it will easily help their economy back on track, especially when the war is over a lot of crypto company will want to locate their business there and this will increase the country tax income.
In the meantime, it is good that the Ukraine government make this move, unlike the Chinese government which raised millions for their construction bank through IDO on Fusang exchange and still choose not to legalized cryptocurrency.

I do not think so. If you had read, you would have known that this law has been on the table for more than a month since it passed the Ukrainian parliament, even before the Russian invasion began. A presidential signing is merely a technical procedure to make a law official.

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I do not see any connection here. Ukraine is not part of the European Union or the euro area. Their laws do not affect laws within EU member states.

This explain how the European parlament refused the by voting the law of banning mining activities. But this also makes me wonder how that law was set again over the table despite the Ukranian condition of war.
On the other hand, the European Parliament’s decision can be explained by what happened in its Ukrainian counterpart, where digital assets were recognized. Ukraine has opened the door for cryptocurrency donations to support the military : https://www.theblockcrypto.com/linked/137552/ukraine-turns-crypto-donations-into-5550-bulletproof-vests-500-helmets-and-more
Official link to donate to Ukraine using cryptocurrencies : https://donate.thedigital.gov.ua/

They have seen the benefits of crypto during this war. When all the establishments are being destroyed and torn down, they have no financial institutions to go to. And with the huge amount in crypto that they received during this war situation, they have seen the power of crypto in the middle of this crisis. So there's no doubt they will legalize the crypto-related businesses in their country. This will also help their people transfer their money into crypto while the situation is still vulnerable. Though, people should know the possible factors involve like volatility, which is a long running issue in crypto. But for now, making transactions during this war is easier in crypto rather than via the traditional banking system.

We have to believe that all nations will eventually see the benefit of crypto one day and they will get these type of supportive laws in place. It doesn't mean that we will have to wait decades for it, it is already starting and there are some who already do it.

All we have to do is wait a big longer, when big nations do not care about crypto, they do not make good enough laws about it neither, but when smaller ones grow to be bigger thanks to crypto, bigger nations like China and the USA will have to put supportive laws as well otherwise they will be left behind. They need it to keep their power over the world and keep being world powers.

Yes, indeed, the official website of Aid For Ukraine has been created https://donate.thedigital.gov.ua, which presents the possibility of donating 13 different crypto coins. And I am sure that this number of coins available for donation will increase in the near future.

With the world economic situation rising inflation. War broke out and the Covid 19 epidemic has greatly affected most countries. My view is that this year there will be more countries accepting Bitcoin like Elsalvado or Ukraine. And BTC will really become electronic gold in the near future

If you don't want to donate to the government, you can donate to foundations. If you support Ukrainian army, you can donate to Come back alive, they have an official crypto wallet. As for Ukrainian sentiments, only 22% used to support Russia a year ago, and anti-Russia sentiment obviously increased a lot because of the invasion. So now, 80% overall in Ukraine are ready to fight for Ukraine, and even in the Eastern (the most Russia-friendly) part of the country, 59% are ready to fight for Ukraine against Russia. This doesn't account for Crimea and occupied areas of Donbas, but it accounts for everything else. So there is no strong camp that supports Russia, not any more. Those who support Russia are very clearly a minority.

Zelensky is so desperate. He wants to do whatever it takes to make everything possible such as funding for weapons to fight back against the Russian invaders and another source for rebuilding the economy when the war finally ends and deescalates.

Although private banks have restricted cryptocurrencies, I think the president will be giving orders on all banks to accept cryptocurrencies and not restricting them despite that this is a “greyish” digital asset. Let’s just hope that one day there will be peace between the two countries and not going for a third World War if they’re gonna do an unprovoked attack on a NATO territory.

Ukrainian government have legalized crypto amidst the attack by Russian military. By the time some private banks have restricted people from buying bitcoin. Privatbank, the largest commercial bank in Ukraine have have restricted people from buying bitcoin with the national currency. The spokesperson have mentioned that the restriction will apply during the current period of martial law in the country. This restriction is being reported by the Binance Ukraine division.

The government is focused on making things more progressive with relation to the cryptomarket. By the time banks restricting usage of cryptocurrencies is not a good sign. Does this considered a big issue.

Ukraine’s largest savings bank halts Bitcoin buys with hryvnia: Report

Excellent step, especially amidst this war scenario, Cryptocurrencies become even more important as there is no way that you can trust fiat currencies, you see how Russia is getting sanctions from all throughout the world, what if Ukraine retaliates and gets sanctions too from some countries, in such scenario it's better to put money into cryptos, very forward looking decision by Zelensky

This is what should have been done long ago, we have good crypto community in Ukraine but banks and politics won't allow government make good financial decision, when the nation became hit by cash shortage, the crypto global community came to their aid. I hope other developing nations and developed nations are not going to wait for unpleasant situation before legalizing cryptocurrency.

Honestly do you think that embracing cryptocurrencies is their priority right now?

The only reason this even is being considered is because they need everything they can get to push out Russia.

This particular law will most likely not result in increased post-war crypto adoption, especially after exchanges like CEX blocked both Russians and Ukrainians alike.


A donation has to be at least a couple thousand dollars so Ukraine can purchase a reasonable number of firearms and ammo, so don't bother with turkey-murky donation amounts like $10 or $50 - they can't do anything with those.

Food and humanitarian help is being taken care of by other charities and the $50 you donate for "food" or the like will probably not make it to besieged cities in time to be useful.

The conventional monetary system has a variety of barriers to financing. In a war-torn country, financing and its use have to face various restrictions and restrictions on the conventional currency. Although the current announcement by the Ukrainian government is only a step towards the use of cryptocurrency, Ukraine will be able to make the necessary decisions using it at a later time. Using this, if Ukraine raises money for their war and for post-war infrastructural development, then cryptocurrency will provide an added benefit. But we hope that this war will end soon and that the people of Ukraine will be able to use and invest in cryptocurrencies for their prosperity.

I do hope that this war between the two countries comes to an end and I also hope that crypto is being adopted in both Ukraine and Russia after the war.
The world have also seen the  effects of the war in both countries economic system and how bitcoins have played a role. They have seen how Ukraine collected a lot of funds in cryptocurrency. Other causes can follow the same.

Its a bit of a pity that the law was passed in the context of the war in Ukraine, they have received large donations from the crypto community before so it makes perfect sense to accept crypto. If I remember correctly, they provided a crypto donation site where they accept up to 9 different crypto coins. They are doing everything because the war has devastated their country badly.

Not only is this law a great step toward financial progress in the country, it is also very timely as the country is facing invaders.

It is kind of unbelievable to read that no less than the country's central bank is having cryptocurrency accounts for donations. The National Bank of Ukraine is the one that will receive crypto donations from all around the world. The target right now is $200,000,000. So far, $55,478,515 has been raised. That's still around 25%. I hope there'll be more to come.^[1]

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[1] https://donate.thedigital.gov.ua/

It give good outlook on crypto because many people see this used as currency and it really help Ukraine to get help without stepping outside on their borders, so this is the effect right now and I believe the negative thought's by other who think about this is scam will slowly elimated. And for signing a law about it this will get a huge impressions and curiousity especially when mainstream media will create a news and publish it publicly.

As mentioned their was huge influence by crypto in Ukraine.Ukraine transaction was made by the cryptocurrency.This made the clear shot,crypto made a huge influence in the market now.The transaction over the war was made by the digital assets was impressive one.Since the transaction was stuck in the Ukraine.This bitcoin made a huge influence over the countries by the government.

It seems that Ukraine has been drafting such a law for a long time. They just signed it in the middle of the war, as it happens, because Ukraine receives cryptocurrency donations, so a law is needed to make it all legal. As for economic recovery, it will be done by Western countries: USA and Europe, which also donate a lot of money to Ukraine. The main thing is for them to be able to resist.

I think that's true. The Parliament has adopted a bill on virtual assets, and the president has to sign it into a law. No doubt, the war, as well as large crypto donations to Ukraine, influenced President Zelenskyy to make this decision.

As a side note, I see an interesting development from the opposing side as well.

CoinDesk reports that Russia's Sberbank was given a license by the Bank of Russia to issue and exchange digital assets. This is intriguing since, just two months ago, the Russian central bank advocated for a full ban on trading, mining and using cryptocurrency. Russia seems to be trying to mitigate the damage caused by the SWIFT ban.

Sberbank Gets License From Russian Central Bank to Issue, Exchange Digital Assets

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No. The Ukrainian government has not recognized bitcoin as legal tender. Take the time to read the article carefully.

It's pretty bad to see the country of Ukraine accepted the future at this current state, things happen so we could all learn.
A great step by the Ukraine government, this is a good news to all of the countries pushing and anticipating for the adoption of Bitcoin as a legal tender.
Ukraine currently stands as the fourth county in ranking accepting Bitcoin as a legal tender.

Thanks X.

Possible. But because they have to take any resource that they can which shall help their economy to go up, they have to sign any law favoring it just as this news about virtual assets/cryptos.
Although it's a good and developing news, there could be more countries that will start to see the light that there's a sense of making laws and stop being one of the reason on why their country don't thrive in cryptocurrencies.

The question for you all: How many of you would really donate bitcoin to Ukraine?

Personally I don't support any government and we can't deny that the government of Ukraine was also corrupt to a certain degree. There are 2 strong camps in Ukraine. One supports the West and the EU, while the other Russia. For decades the country was ruled by a Russian puppet president, but that doesn't mean the current government is completely independent.
Therefore, I wouldn't give money to the government of any country, as I don't support their actions of taxing citizens and then sacrificing them like pawns in a game when the need comes.

I would donate to the red cross or buy products the people need most, but I wouldn't give the money to the government so they can do with it as they please.

the adoption of cryptocurrencies in any country is a positive sign for all crypto enthusiasts, but in such a situation, it seems to me that most residents of Ukraine are thinking about something else, so that peace will come as soon as possible and this conflict will end once and for all.

I think this is just the finalization of the previous law that was endorsed and signed by their government just a few months back. Them recognizing cryptocurrencies can allow them to rebuild their country after this war is over. Services and businesses related to cryptocurrencies can look up to Ukraine if they're seeking for base of their operations, which means more money for the country's economy in the future. Sooner or later, when all is said and done on the Ukrainian front, this law will help birth another crypto hub in Europe.

Yes, not just for Ukraine but for the entire crypto community and world. The crisis between Russia and Ukraine is a global event and the provisions and things bitcoin and Digital  assets have made possible are in view of the global audience. Watch out, because change is constant and the events of crisis be reviewed afterwards, the important role crypto and digital assets has played will be evaluated, more countries will become neutral or publicly endorse crypto and digital assets as a way to be more prepared in the case of an eventuality like a crisis coming their.

Crypto is an important tool to help Ukraine overcome difficulties when it comes to conflict with Russia, the amount that Ukraine received for donation is up to 100 million dollars through crypto a very large amount in a short time. The approval of the “Virtual Property Law” by the President of Ukraine is an important step in making the crypto sector legal and is applied comprehensively on the territory of Ukraine.

I think thats important development to cement the Ukraine's crypto adaption, but because of the war happening now in Ukraine this law might have not been fully implemented and the potential benefit of the Ukrainian crypto users will also be affected. that's why this nonsense war must be stopped now and give the peace a chance.

Good point Lucius, Bitcoins doors are open to who ever wants to come in but
unfortunately not everyone realise that. A lot - the majority of people will follow what the
government and authorities say and the fact that the Ukrainian government
have give the green light there could be more of an adoption by Ukrainians

Yes, you are correct. Cryptos were kind of in the grey area: not illegal, definitely not prosecuted (unless a person is committing another crime, such as stealing electricity), but also not regulated. The roadmap of crypto adoption was actually introduced before the war, so Ukraine was working on creating a favorable regulatory framework. And yes, it's the same law, but it has to be signed by the president to be enacted. Previously, he vetoed the law over a technicality, and now he signed it.
We'll never know because Russia will never conquer all of Ukraine. It's impossible to conquer a country where civilians (around 80% of them, according to polls), are willing to defend their country against Russia using weapons, and where the essence of national identity is fighting for freedom (and, historically, it's very often been fighting for freedom from Russia).

LeGaulois, I think that, realistically, favorable regulations are the way forward for crypto adoption. Crypto exchanges operated and continue to do so in Ukraine, but they were operating in the shadows, and not they can become fully legal businesses. As for protecting the rights, I think it means going to court over falling a victim of a crypto scam, seizing official wallets of companies if they violate the law, stuff like that. I don't think it's bad when the state tries to embrace the crypto industry and make it so that the country's economy can benefit from it. And, honestly, there's this thing about dismantling the institutions, weakening the state and stuff, but here's something people who promote this and believe in this don't understand: this stuff can only work in developed, secure democratic countries which are not constantly threatened by a crazy neighboring empire. Ukraine cannot have a weak state because it'll make it easier for Russia to win, simply put. And, unfortunately for anarchists, this will become the case for many countries now because Putin has shown that apparently Hitler times are not over, and a country can just decide to invade another country. So many will (and have already begun) strengthen their militaries and rely on the state and institutions more than before.

I think that at this moment only this bold part is important, because it turned out that most of the help in the first days of the war came through cryptocurrencies. As world bureaucrats negotiated and sat in their comfortable armchairs, ordinary people provided their support to people in need. All this without any approval and risk that someone will intercept their donations, and also completely anonymously. With or without this law, nothing significant will change in terms of what is happening on the ground.

It's the same digital asset law.
The Verkhovna Rada of Ukraine, as a legislative body, adopted bill No. 3637, subject to presidential amendments, on February 17, 2022. In order for it to enter into force, it is necessary for the President to sign it, which he did on March 15.
According to the Minister of Digital Transformation, after the war began, crypto assets became a powerful tool for attracting additional funding to support the Armed Forces of Ukraine. During the three weeks of the war, the crypto fund of Ukraine collected more than $54 million in crypto assets.

If the country has legalized the crypto industry, there is a little distinction to make.

Regulated is a more appropriate description in reality. Since it wasn't banned and citizens used it as they please, now the law is signed it doesn't change a lot from a citizen's point of view. In another word, legalized or not doesn't make a difference for them.
It will change the tax system for this industry but then what? It's even possible that in the end, it will make them pay more taxes LOL.

Regulated...
Isn't it what we are supposed to be against? Isn't it to avoid a finance system so regulated that we developed Bitcoin?
Humm, a lot of people preach decentralization and a stateless currency but welcome any regulation that comes. Bitcoin doesn't need that and has proven for the last decade it can evolve without this.

But...
Does it stop us to use cryptos if there aren't regulations? No, and we shouldn't care about what they say. We're creating an ecosystem in which we"re supposed to transact without them. We didn't invite them to the Bitcoin Party
Don't tell me about the "mass adoption" because the only type of people it attracts are people only interested in the speculation and not real use cases. Speculators aren't really welcome in BTC

The reality...
In my opinion, it's a way for the president to attract money into the country. Perhaps related to the donations as mentioned above, because basically, the law rather means that companies can be open and operate in a regulated environment. But nowadays, do they have any money while in a war? Is there a foreign company that could be interested to be established there? I don't think.
it is more a political tool than an economic tool

Why sign a law for the crypto industry, if previously you asked to be included in Europe? Knowing that, in the end, you will have to abide by the European law Mica (Markets in Crypto-Assets )

From the message of the Ukrainian PM (on Telegram, LOL)


Is there any exchange there? If yes, then it was already operating legally


Companies, if there are, didn't wait for the government to use a bank account


To protect how? by seizing the Blockchain? To seize the Electrum wallet of a person because he scammed people?

rights to virtual assets? what does it means? My rights are already mine, what they have to do in?

An article has recently been published in Techcrunch where the Prime Minister of Ukraine Mykhailo Fedorov has been interviewed where he gives details of the current situation in Ukraine, in terms of technology and communication, how it has been of great help to resist the war and He also claimed to be in contact with Techcrunch for another interview in the coming days.
What we are seeing is that digital technology has played an important role in this war and digital assets such as bitcoin and cryptocurrencies will have a greater boost.

Parliament votes for a law. If they succeed, the President can sign it or veto it. He did veto this law previously and proposed a few changes, the changes were accepted by the Parliament so now he signed it. As far as I remember, this law is still not quite specific, basically just signals intention that Ukraine welcomes crypto industry, and lays the ground work for specific regulations. But I won't expect any more crypto progress anytime soon, not even after the war ends.

This is a translation (GT) of the notice released today by the Ministry and Committee for Digital Transformation in Ukraine:

Google:
https://thedigital-gov-ua.translate.goog/news/ukraina-legalizuvala-kriptosektor-prezident-pidpisav-profilniy-zakon?_x_tr_sl=uk&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Yandex:
https://translate.yandex.com/translate?url=https%3A%2F%2Fthedigital.gov.ua%2Fnews%2Fukraina-legalizuvala-kriptosektor-prezident-pidpisav-profilniy-zakon&lang=uk-en

It indicates that, as stated above, the President signed the law on virtual assets today, which was previously approved by the parliament on the 17/02/2022, providing a summary of the implications in the above translations (rather they'd be native, but we'll have to do).

see also:
https://twitter.com/mintsyfra/status/1504111930251882500

It's not clear to me how things would look if Russia ends up conquering and subduing all of Ukraine, but the last I've seen, it looks like they are closer to an agreement. Also, it looks like cryptocurrencies may come in handy for Russia.

In the end it will be true that people make a virtue out of necessity.

What this shows is that the Bitcoin is very useful for those who have no or difficult access to the international financial system, or for those who want to bypass it. However, for many countries that earn a lot and have a lot of power with the current system, I think they have a long way to go to capitulate.

Zelensky is clearly desperate and is doing whatever it takes to not give into Putin's demands which is why this new law doesn't really surprise me.

Ukraine citizens were most probably relying on crypto long before the invasion started. This new law will help boost its adoption even further in their country even primarily helping refugees who fled to other neighbouring countries.

US dollar used to benefit from wars in the past and it looks like popular cryptocurrencies like BTC etc are benefiting from them too these days.

It's a bit sad that war was needed for some open their eyes on how useful can crypto be, however, it looks like a great development.
From what I know crypto was not illegal in Ukraine, but from basically nothing to the state explicitly guaranteeing protection for the rights over virtual assets is an interesting step forward.


I would not be surprised it's the exact same law. After a law has passed by the parliament has to be signed by the president (at least that's how it goes in my country, probably it's the same in Ukraine).
It's the small final bit to become actual law.

I'm not sure I understand what's the difference between this and the law which the parliament passed like a month ago[1]?

[1] https://blockworks.co/ukraine-passes-law-legalizing-crypto-as-threat-of-war-looms/

When Russia Invaded Ukraine, they were low on funds and with so many people fleeing the war at the end the Twitter account of the ukranian government added their bitcoin address to actually get the donations in place from everywhere else around the world. Which does make me optimistic about the crypto situation in Ukraine.

The war is not going to go for long is what I do believe. The Russians have lost 40% of their troops and have already started calling soilders from all around the world now at the end of the day when the war dies down and people finally go back to their home they would be able to make many things better for them as a whole.

They will have star link all around and at the same time most of the cryptocurrencies will see a boom in Ukraine. Mining is also beneficial as well. Therefore am extremely happy that Ukranians will be able to engage fully in the crypto economy which can also help the whole nation to grow.

Amidst the war, the president of Ukraine Volodymyr Zelensky signed the law "On virtual assets", as the minister of digital transformation of Ukraine Mykhailo Fedorov reports.
According to Fedorov, crypto assets became a powerful tool of financing the Armed forces of Ukraine since the beginning of the war, and the crypto market is one of the most dynamic markets of the digital economy, which is also actively developing in Ukraine. Fedorov says the law legalizes foreign and Ukrainian crypto exchanges, allows banks to open accounts for crypto companies, allows Ukrainians to protect their investments into virtual assets and means that the state guarantees court protection of the rights related to virtual assets.

Another step towards the future, another step toward crypto adoption in Ukraine. After the war, Ukraine will need anything it can use to boost the economy, and I don't think the state plans to miss out on the crypto industry as a way of doing that.