Ukraine has recently passed a law related to virtual assets. This law is supposed to establish a legal framework for the cryptocurrency industry. Primarily, the law will include licensing instructions and deal with regulatory supervision.
The Crypto Market To Be Overseen By National Securities And Stock Market Commission
Volodymyr Zelensky signed a new law that establishes the country’s crypto market rules. For example, the National Securities and Stock Market Commission will oversee the Ukrainian crypto industry. Additionally, Ukraine’s Ministry of Digital Transformation stated that this law would create a legal framework to legalize digital assets.
The cryptocurrency regulators will also have the task of implementing state policy, issuing licenses, managing supervision, etc.
These regulations also determine the status, classification, and ownership of digital assets. In addition, they determine the list of service providers, govern their registration conditions, and provide financial monitoring measures.
The ministry stated that signing this law is another important step towards getting the crypto sector out on the open and creating a legal market for cryptocurrency investments.
One of the reasons for dealing with cryptocurrency laws at this moment might be that Ukraine has received between $60 to $100 million in donations via crypto since the war started. The effects of war are also the dominant driver of market moves in the past few weeks.