Ukrainian President, Volodymyr Zelenskyy's latest war-time efforts have extended in crypto regulations. This morning, Zelenskyy signed into law a sweeping framework for Ukraine to operate a regulated crypto market.
The law greenlights Ukraine’s National Securities and Stock Market Commission to determine the country’s policies on digital assets. It also establishes the commission as a financial watchdog for crypto markets, and grants it the authority to issue licenses to crypto-based businesses.
“Until now, the Ministry of Culture has been developing the legal field in this area,” said the Ministry of Digital Transformation. Signing the law will prove to be another important step towards making virtual assets legal and useful for Ukraine and the crypto sector altogether.
The new laws are in response to the influx of aid received from crypto users around the world. To make donations like Gavin Wood’s $5 million in Polkadot, Bitcoiners’ constant surge of support, and donations from other various crypto users legitimate, Ukraine needed to create legislation around the crypto sector.
The move, while sudden, does not come as a complete surprise. Ukraine’s efforts to fight off an invading Russia constitutes an unprecedented use case of blockchain technology for the global good. But while Ukraine’s fight against Russia unfolds each day, it’s becoming clear that crypto’s role in the effort is still expanding.
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