The Law creates legal conditions for the launch of a “legal market of virtual assets in Ukraine” which will be regulated by the National Securities Market Commission and the Ukrainian Central Bank. Beyond granting a legal character to use, it will offer conditions to classify and regulate the market, as well as create monitoring mechanisms for the sector. The enactment includes the creation of a registry of service providers in cryptocurrencies.
Although Ukraine already considered cryptocurrencies as a key piece in the economic development of the country. A Chainalysis report from last year revealed that Ukraine was the fourth country with the highest adoption of Bitcoin and other cryptocurrencies. Ukrainians ranked third in terms of peer-to-peer (P2P) trading volume. AND
During these days of war, the Ukrainian government carried out a campaign to receive donations in Bitcoin, Ethereum and USDT. The response was immediate and in a few days the donations exceeded US$59,000 million. Dea agrees with Alex Bornyakov, Deputy Minister of Digital Transformation of Ukraine, the collection reached 100 million dollars on March 9. More than 60% is used to purchase fuel, food, military and medical equipment.
But not Russia.
At the same time that Ukraine makes use of crypto assets, the US and the EU warn about the use of cryptocurrencies in Russia to evade economic sanctions. But Russia has never had a good relationship with cryptocurrencies. Last year, the Bank of Russia asked to veto its use due to its high volatility and its possible use for illegal activities. In a report published in January, the Russian bank mentions that the country needs new laws to prevent activities related to cryptocurrencies, enabled the existing ban and called for the introduction of more severe sanctions on individuals and companies for the purchase or sale of goods, services and workforce.
Source: Ambito
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