According to cryptocurrency breaking news today, the President of Ukraine has signed a law that will lead to the establishment of a proper regulatory framework for cryptocurrency in Ukraine.
The National Securities and Stock Market Commission of the country of Ukraine will be tasked with the responsibility of determining different policies related to digital assets. Also, there will be licenses issued to the crypto firms on the basis of the evaluation.
Apart from that, the National Securities and Stock Market Commission in Ukraine will also act as an organization for proper financial watching in the country.
The President of Ukraine, Volodymyr Zelenskyy, Ukraine’s President who is currently in Kyiv, has finally signed the law that will establish a proper legal framework for the regulation of cryptocurrency in the country. Hence, the entire cryptocurrency market will be operated via a regulatory framework that is supposed to be upheld at all times.
The announcement was made this Wednesday by the Ministry of Digital Transformation in Ukraine. The Ministry mentioned that Zelensky has already signed the bill that was named “On Virtual Assets”. This bill was first adopted by the legislature of the country which is named Verkhovna Rada.
The legislature adopted this bill in the month of February this year and ever since then people have been speculating the future of the bill for sure. Well, now news finally arrives as the President has signed the bill and approved the law.
The firms that are handling different digital assets along with the cryptocurrency exchanges will be asked to register properly with the entire government.
Only then will they be allowed to operate with ease in Ukraine. The banks in the country will also have the authority to open different accounts for the cryptocurrency firms that want to operate in Ukraine.
The regulation of cryptocurrency in Ukraine has come as a shock to a few people in the crypto space. This is due to the fact that there will be new and strict regulations imposed on the crypto trading processes in the nation.
National Securities and Stock Market Commission in Russia to Have Authority for Regulation of Crypto
The law will also endow the National Securities and Stock Market Commission with all the power. The organization will have the authority to actually determine and set the different policies related to digital assets in the country.
Also, the organization will have the responsibility of issuing different licenses to all the businesses that are dealing with currency with cryptocurrency. As a whole, the National Securities and Stock Market Commission will act as a watchful eye for the different crypto-related activities in Ukraine.
The government agency added that Ukraine’s Ministry of Finance was also working towards amending the country’s tax and civil codes to accommodate the legal framework for digital assets.
“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,” said the Ministry of Digital Transformation.
Cryptocurrency has become a major issue in the country’s current fight against Russia following the invasion on the 24th of February, with many donating directly to Ukraine for humanitarian causes and funding the military.
At that time, the National Bank of Ukraine said that it had limited cash withdrawals at banks, fixed the foreign exchange rate of the country’s hryvnia currency, and suspended the issuance of electronic money.
According to cryptocurrency breaking news today, Kuna, the largest crypto exchange in Ukraine helped in the launch of a particular donation platform with the assistance of FTX.
These exchanges beseeched platform of Everstake as well as the Ministry of Digital Transformation to make sure that users all over the world are allowed to send different cryptocurrencies in order to show their “ support to people in their fight for freedom.” According to the website, users have sent more than $54 million in crypto at the time of publication, roughly 27% of the platform’s $200 million goal.
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