The new law legalizes crypto exchanges and allows digital asset businesses to open bank accounts. Crypto supervision and financial monitoring will be entrusted to the National Commission on Securities and Stock Market.
Crypto consumers will receive “legal protection” and access to “open consultations with government agencies”, according to the Minister of Digital Transformation Mykhailo Fedorov, who praised the bill as an “opportunity for business development” in Ukraine. Fedorov has recently gained international recognition after launching a crypto fundraiser for Ukrainian defense. The donations topped $55m at the time of writing.
The bill won't come into effect until the Ministry of Finance amends the Tax and Civil Codes of Ukraine. It’s unclear what those amendments could mean for the sector.
