Ukraine: Zelensky signed the law "On virtual assets" today

[kryptqnick]

Amidst the war, the president of Ukraine Volodymyr Zelensky signed the law "On virtual assets", as the minister of digital transformation of Ukraine Mykhailo Fedorov reports.
According to Fedorov, crypto assets became a powerful tool of financing the Armed forces of Ukraine since the beginning of the war, and the crypto market is one of the most dynamic markets of the digital economy, which is also actively developing in Ukraine. Fedorov says the law legalizes foreign and Ukrainian crypto exchanges, allows banks to open accounts for crypto companies, allows Ukrainians to protect their investments into virtual assets and means that the state guarantees court protection of the rights related to virtual assets.

Another step towards the future, another step toward crypto adoption in Ukraine. After the war, Ukraine will need anything it can use to boost the economy, and I don't think the state plans to miss out on the crypto industry as a way of doing that.

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[fiulpro]

When Russia Invaded Ukraine, they were low on funds and with so many people fleeing the war at the end the Twitter account of the ukranian government added their bitcoin address to actually get the donations in place from everywhere else around the world. Which does make me optimistic about the crypto situation in Ukraine.

The war is not going to go for long is what I do believe. The Russians have lost 40% of their troops and have already started calling soilders from all around the world now at the end of the day when the war dies down and people finally go back to their home they would be able to make many things better for them as a whole.

They will have star link all around and at the same time most of the cryptocurrencies will see a boom in Ukraine. Mining is also beneficial as well. Therefore am extremely happy that Ukranians will be able to engage fully in the crypto economy which can also help the whole nation to grow.

[OmegaStarScream]

I'm not sure I understand what's the difference between this and the law which the parliament passed like a month ago[1]?

[1] https://blockworks.co/ukraine-passes-law-legalizing-crypto-as-threat-of-war-looms/

[NeuroticFish]

allows banks to open accounts for crypto companies, allows Ukrainians to protect their investments into virtual assets and means that the state guarantees court protection of the rights related to virtual assets.

It's a bit sad that war was needed for some open their eyes on how useful can crypto be, however, it looks like a great development.
From what I know crypto was not illegal in Ukraine, but from basically nothing to the state explicitly guaranteeing protection for the rights over virtual assets is an interesting step forward.

I'm not sure I understand what's the difference between this and the law which the parliament passed like a month ago[1]?

I would not be surprised it's the exact same law. After a law has passed by the parliament has to be signed by the president (at least that's how it goes in my country, probably it's the same in Ukraine).
It's the small final bit to become actual law.

[Haunebu]

Zelensky is clearly desperate and is doing whatever it takes to not give into Putin's demands which is why this new law doesn't really surprise me.

Ukraine citizens were most probably relying on crypto long before the invasion started. This new law will help boost its adoption even further in their country even primarily helping refugees who fled to other neighbouring countries.

US dollar used to benefit from wars in the past and it looks like popular cryptocurrencies like BTC etc are benefiting from them too these days.

[Poker Player]

Another step towards the future, another step toward crypto adoption in Ukraine. After the war, Ukraine will need anything it can use to boost the economy, and I don't think the state plans to miss out on the crypto industry as a way of doing that.

It's not clear to me how things would look if Russia ends up conquering and subduing all of Ukraine, but the last I've seen, it looks like they are closer to an agreement. Also, it looks like cryptocurrencies may come in handy for Russia.

In the end it will be true that people make a virtue out of necessity.

What this shows is that the Bitcoin is very useful for those who have no or difficult access to the international financial system, or for those who want to bypass it. However, for many countries that earn a lot and have a lot of power with the current system, I think they have a long way to go to capitulate.

[DdmrDdmr]

This is a translation (GT) of the notice released today by the Ministry and Committee for Digital Transformation in Ukraine:

Today, President of Ukraine Volodymyr Zelensky signed the Law of Ukraine "On Virtual Assets", which was adopted by the Verkhovna Rada of Ukraine on February 17.  
It creates conditions for the launch of a legal market for virtual assets in Ukraine. The new market will be regulated by the National Securities and Stock Market Commission.

Google:
https://thedigital-gov-ua.translate.goog/news/ukraina-legalizuvala-kriptosektor-prezident-pidpisav-profilniy-zakon?_x_tr_sl=uk&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Yandex:
https://translate.yandex.com/translate?url=https%3A%2F%2Fthedigital.gov.ua%2Fnews%2Fukraina-legalizuvala-kriptosektor-prezident-pidpisav-profilniy-zakon&lang=uk-en

It indicates that, as stated above, the President signed the law on virtual assets today, which was previously approved by the parliament on the 17/02/2022, providing a summary of the implications in the above translations (rather they'd be native, but we'll have to do).

see also:
https://twitter.com/mintsyfra/status/1504111930251882500

[hatshepsut93]

I'm not sure I understand what's the difference between this and the law which the parliament passed like a month ago[1]?

[1] https://blockworks.co/ukraine-passes-law-legalizing-crypto-as-threat-of-war-looms/

Parliament votes for a law. If they succeed, the President can sign it or veto it. He did veto this law previously and proposed a few changes, the changes were accepted by the Parliament so now he signed it. As far as I remember, this law is still not quite specific, basically just signals intention that Ukraine welcomes crypto industry, and lays the ground work for specific regulations. But I won't expect any more crypto progress anytime soon, not even after the war ends.

[verita1]

An article has recently been published in Techcrunch where the Prime Minister of Ukraine Mykhailo Fedorov has been interviewed where he gives details of the current situation in Ukraine, in terms of technology and communication, how it has been of great help to resist the war and He also claimed to be in contact with Techcrunch for another interview in the coming days.
What we are seeing is that digital technology has played an important role in this war and digital assets such as bitcoin and cryptocurrencies will have a greater boost.

We are also trying to become a crypto friendly country. I can even give you some specifics. The Parliament has adopted a law on virtual assets. I think the president is about to sign it into law in a matter of days. So we strive to be as friendly to virtual assets as possible. And we are continuing this effort during war time as well.

https://techcrunch.com/2022/03/15/ukraines-mykhailo-fedorov-talks-about-corporate-sanctions-and-running-a-government-during-wartime/

[LeGaulois]

If the country has legalized the crypto industry, there is a little distinction to make.

Regulated is a more appropriate description in reality. Since it wasn't banned and citizens used it as they please, now the law is signed it doesn't change a lot from a citizen's point of view. In another word, legalized or not doesn't make a difference for them.
It will change the tax system for this industry but then what? It's even possible that in the end, it will make them pay more taxes LOL.

Regulated...
Isn't it what we are supposed to be against? Isn't it to avoid a finance system so regulated that we developed Bitcoin?
Humm, a lot of people preach decentralization and a stateless currency but welcome any regulation that comes. Bitcoin doesn't need that and has proven for the last decade it can evolve without this.

But...
Does it stop us to use cryptos if there aren't regulations? No, and we shouldn't care about what they say. We're creating an ecosystem in which we"re supposed to transact without them. We didn't invite them to the Bitcoin Party
Don't tell me about the "mass adoption" because the only type of people it attracts are people only interested in the speculation and not real use cases. Speculators aren't really welcome in BTC

The reality...
In my opinion, it's a way for the president to attract money into the country. Perhaps related to the donations as mentioned above, because basically, the law rather means that companies can be open and operate in a regulated environment. But nowadays, do they have any money while in a war? Is there a foreign company that could be interested to be established there? I don't think.
it is more a political tool than an economic tool

Why sign a law for the crypto industry, if previously you asked to be included in Europe? Knowing that, in the end, you will have to abide by the European law Mica (Markets in Crypto-Assets )

From the message of the Ukrainian PM (on Telegram, LOL)

- foreign and Ukrainian crypto exchanges will operate legally;

Is there any exchange there? If yes, then it was already operating legally

- banks will open accounts for crypto companies;

Companies, if there are, didn't wait for the government to use a bank account

- Ukrainians will be able to protect their investments in virtual assets.

To protect how? by seizing the Blockchain? To seize the Electrum wallet of a person because he scammed people?

- the state will guarantee judicial protection of rights to virtual assets

rights to virtual assets? what does it means? My rights are already mine, what they have to do in?

[Ozero]

I'm not sure I understand what's the difference between this and the law which the parliament passed like a month ago[1]?

[1] https://blockworks.co/ukraine-passes-law-legalizing-crypto-as-threat-of-war-looms/

It's the same digital asset law.
The Verkhovna Rada of Ukraine, as a legislative body, adopted bill No. 3637, subject to presidential amendments, on February 17, 2022. In order for it to enter into force, it is necessary for the President to sign it, which he did on March 15.
According to the Minister of Digital Transformation, after the war began, crypto assets became a powerful tool for attracting additional funding to support the Armed Forces of Ukraine. During the three weeks of the war, the crypto fund of Ukraine collected more than $54 million in crypto assets.

[Lucius]

According to Fedorov, crypto assets became a powerful tool of financing the Armed forces of Ukraine since the beginning of the war, and the crypto market is one of the most dynamic markets of the digital economy, which is also actively developing in Ukraine. Fedorov says the law legalizes foreign and Ukrainian crypto exchanges, allows banks to open accounts for crypto companies, allows Ukrainians to protect their investments into virtual assets and means that the state guarantees court protection of the rights related to virtual assets.

I think that at this moment only this bold part is important, because it turned out that most of the help in the first days of the war came through cryptocurrencies. As world bureaucrats negotiated and sat in their comfortable armchairs, ordinary people provided their support to people in need. All this without any approval and risk that someone will intercept their donations, and also completely anonymously. With or without this law, nothing significant will change in terms of what is happening on the ground.

[kryptqnick]

allows banks to open accounts for crypto companies, allows Ukrainians to protect their investments into virtual assets and means that the state guarantees court protection of the rights related to virtual assets.

It's a bit sad that war was needed for some open their eyes on how useful can crypto be, however, it looks like a great development.
From what I know crypto was not illegal in Ukraine, but from basically nothing to the state explicitly guaranteeing protection for the rights over virtual assets is an interesting step forward.

I'm not sure I understand what's the difference between this and the law which the parliament passed like a month ago[1]?

I would not be surprised it's the exact same law. After a law has passed by the parliament has to be signed by the president (at least that's how it goes in my country, probably it's the same in Ukraine).
It's the small final bit to become actual law.

Yes, you are correct. Cryptos were kind of in the grey area: not illegal, definitely not prosecuted (unless a person is committing another crime, such as stealing electricity), but also not regulated. The roadmap of crypto adoption was actually introduced before the war, so Ukraine was working on creating a favorable regulatory framework. And yes, it's the same law, but it has to be signed by the president to be enacted. Previously, he vetoed the law over a technicality, and now he signed it.

It's not clear to me how things would look if Russia ends up conquering and subduing all of Ukraine, but the last I've seen, it looks like they are closer to an agreement. Also, it looks like cryptocurrencies may come in handy for Russia.

We'll never know because Russia will never conquer all of Ukraine. It's impossible to conquer a country where civilians (around 80% of them, according to polls), are willing to defend their country against Russia using weapons, and where the essence of national identity is fighting for freedom (and, historically, it's very often been fighting for freedom from Russia).

LeGaulois, I think that, realistically, favorable regulations are the way forward for crypto adoption. Crypto exchanges operated and continue to do so in Ukraine, but they were operating in the shadows, and not they can become fully legal businesses. As for protecting the rights, I think it means going to court over falling a victim of a crypto scam, seizing official wallets of companies if they violate the law, stuff like that. I don't think it's bad when the state tries to embrace the crypto industry and make it so that the country's economy can benefit from it. And, honestly, there's this thing about dismantling the institutions, weakening the state and stuff, but here's something people who promote this and believe in this don't understand: this stuff can only work in developed, secure democratic countries which are not constantly threatened by a crazy neighboring empire. Ukraine cannot have a weak state because it'll make it easier for Russia to win, simply put. And, unfortunately for anarchists, this will become the case for many countries now because Putin has shown that apparently Hitler times are not over, and a country can just decide to invade another country. So many will (and have already begun) strengthen their militaries and rely on the state and institutions more than before.

[aoluain]

According to Fedorov, crypto assets became a powerful tool of financing the Armed forces of Ukraine since the beginning of the war, and the crypto market is one of the most dynamic markets of the digital economy, which is also actively developing in Ukraine. Fedorov says the law legalizes foreign and Ukrainian crypto exchanges, allows banks to open accounts for crypto companies, allows Ukrainians to protect their investments into virtual assets and means that the state guarantees court protection of the rights related to virtual assets.

I think that at this moment only this bold part is important, because it turned out that most of the help in the first days of the war came through cryptocurrencies. As world bureaucrats negotiated and sat in their comfortable armchairs, ordinary people provided their support to people in need. All this without any approval and risk that someone will intercept their donations, and also completely anonymously. With or without this law, nothing significant will change in terms of what is happening on the ground.

Good point Lucius, Bitcoins doors are open to who ever wants to come in but
unfortunately not everyone realise that. A lot - the majority of people will follow what the
government and authorities say and the fact that the Ukrainian government
have give the green light there could be more of an adoption by Ukrainians

to protect their investments into virtual assets and means that the state guarantees court protection of the rights related to virtual assets.

[masterrex]

I think thats important development to cement the Ukraine's crypto adaption, but because of the war happening now in Ukraine this law might have not been fully implemented and the potential benefit of the Ukrainian crypto users will also be affected. that's why this nonsense war must be stopped now and give the peace a chance.

[fuguebtc]

Crypto is an important tool to help Ukraine overcome difficulties when it comes to conflict with Russia, the amount that Ukraine received for donation is up to 100 million dollars through crypto a very large amount in a short time. The approval of the “Virtual Property Law” by the President of Ukraine is an important step in making the crypto sector legal and is applied comprehensively on the territory of Ukraine.

[Rruchi man]

I think that's an important development...

Yes, not just for Ukraine but for the entire crypto community and world. The crisis between Russia and Ukraine is a global event and the provisions and things bitcoin and Digital  assets have made possible are in view of the global audience. Watch out, because change is constant and the events of crisis be reviewed afterwards, the important role crypto and digital assets has played will be evaluated, more countries will become neutral or publicly endorse crypto and digital assets as a way to be more prepared in the case of an eventuality like a crisis coming their.

[dothebeats]

I think this is just the finalization of the previous law that was endorsed and signed by their government just a few months back. Them recognizing cryptocurrencies can allow them to rebuild their country after this war is over. Services and businesses related to cryptocurrencies can look up to Ukraine if they're seeking for base of their operations, which means more money for the country's economy in the future. Sooner or later, when all is said and done on the Ukrainian front, this law will help birth another crypto hub in Europe.

[JayTrain]

the adoption of cryptocurrencies in any country is a positive sign for all crypto enthusiasts, but in such a situation, it seems to me that most residents of Ukraine are thinking about something else, so that peace will come as soon as possible and this conflict will end once and for all.

[coolcoinz]

The question for you all: How many of you would really donate bitcoin to Ukraine?

Personally I don't support any government and we can't deny that the government of Ukraine was also corrupt to a certain degree. There are 2 strong camps in Ukraine. One supports the West and the EU, while the other Russia. For decades the country was ruled by a Russian puppet president, but that doesn't mean the current government is completely independent.
Therefore, I wouldn't give money to the government of any country, as I don't support their actions of taxing citizens and then sacrificing them like pawns in a game when the need comes.

I would donate to the red cross or buy products the people need most, but I wouldn't give the money to the government so they can do with it as they please.