Ukraine war: Zelenskyy signs a new law officially legalising Bitcoin and other cryptos
Ukrainian president Volodymyr Zelenskyy has enacted a law officially making cryptocurrencies legal in the besieged country.
The new law, which received the president's signature on Wednesday, will allow foreign and Ukrainian crypto exchanges to operate legally in Ukraine in what is being seen as a vital step to developing a legal market for virtual assets in the country.
Moreover, the new law will also create a regulatory framework for an open crypto market in Ukraine for the first time.
"The signing of this law by the president is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine," the Ministry of Digital Transformation said in a statement published on its website on Wednesday.
The draft "On Virtual Assets" law was first passed in a near-unanimous vote in Ukraine's parliament in September 2021.
Zelenskyy vetoed the bill in October, arguing that the costs of establishing a new regulatory body to oversee crypto were too steep.
The bill signed by the president on Wednesday was an amended bill that addressed his concerns and was backed by a majority in the Verkhovna Rada - the Ukrainian parliament - in a new vote on February 17.
The new law will lay the responsibility of regulating the new crypto assets market under the auspices of the National Commission on Securities and Stock Market.
It also outlines fines for violations and legal protections for investors from fraud.
In addition, the Ministry of Finance would be "actively working to amend the Tax and Civil Codes of Ukraine to fully launch the market for virtual assets," the statement said.
Speaking at the time of the vote in February, Mykhailo Fedorov, Ukraine's vice prime minister and digital
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