Amid Tensions With Russia, Ukraine Passes Bill To Legalise Bitcoin, Cryptocurrencies

The Ukraine parliament voted on Thursday, February 17 to legalize cryptocurrencies and make them accessible to everyone, amid global concern over the possibility that there could be war. With 272 votes, the Law of Ukraine on Virtual Assets passed.

“Ukraine is already among the top five countries for cryptocurrency usage. Today, Parliament passed a law regarding virtual assets. After the passage, Mykhailo Fedorov, the deputy prime minister of Ukraine, tweeted that this law will legalize crypto exchanges and cryptocurrencies and allow Ukrainians to protect their assets against fraud or abuse.

Second Attempt To Legalise Bitcoin

This was the second attempt by the country to legalize bitcoin. The Ukrainian parliament did a similar thing last October when it introduced a bill to establish a new regulatory body that would oversee cryptocurrency exchanges.

The bill was sent back by President Volodymyr Zelensky, who proposed some modifications and cited a shortage of funds as the reason for not appraising it at that time. News18 reported.

Zelensky’s suggestions were incorporated in the Verkhovna Rada bill that was passed recently. Zelensky recommended that the National Securities Commission of Ukraine, its National Bank, and the Ministry of Digital Transformation regulate cryptocurrencies.

According to Bitcoin Magazine’s report, the passage and approval of the bill did not make Bitcoin a legal tender. In the report, it was also stated that the National Securities Commission would now issue permits for Bitcoin and cryptocurrency service providers. They will supervise and monitor the market.

Some Ukrainian citizens have found cryptocurrency to be a powerful tool against Russian invasion fears. Elliptic, a provider of crypto compliance solutions, reported that Ukraine received more than 5,00,000. This is as Russia was closer to war.

The Ukrainian Cyber Alliance, Myrotvorets Centre, and Come Back Alive have all lent their support to the Ukrainian government during the crisis. They are also among those who helped the government and army by funding with Bitcoins.

Further, the report highlighted that Ukrainian groups sent medical supplies, drones, and military equipment to boost its strength in the event of an invasion.