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

[coupable]

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.

This explain how the European parlament refused the by voting the law of banning mining activities. But this also makes me wonder how that law was set again over the table despite the Ukranian condition of war.
On the other hand, the European Parliament’s decision can be explained by what happened in its Ukrainian counterpart, where digital assets were recognized. Ukraine has opened the door for cryptocurrency donations to support the military : https://www.theblockcrypto.com/linked/137552/ukraine-turns-crypto-donations-into-5550-bulletproof-vests-500-helmets-and-more
Official link to donate to Ukraine using cryptocurrencies : https://donate.thedigital.gov.ua/

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[Stalker22]

Zelensky is so desperate. He wants to do whatever it takes to make everything possible such as funding for weapons to fight back against the Russian invaders and another source for rebuilding the economy when the war finally ends and deescalates.

I do not think so. If you had read, you would have known that this law has been on the table for more than a month since it passed the Ukrainian parliament, even before the Russian invasion began. A presidential signing is merely a technical procedure to make a law official.

This explain how the European parlament refused the by voting the law of banning mining activities. But this also makes me wonder how that law was set again over the table despite the Ukranian condition of war.

I do not see any connection here. Ukraine is not part of the European Union or the euro area. Their laws do not affect laws within EU member states.

[suzanne5223]

After Ukraine get the world donation easily through Bitcoin, i can say i am not surprised that Ukraine will find safe haven in cryptocurrency because it will easily help their economy back on track, especially when the war is over a lot of crypto company will want to locate their business there and this will increase the country tax income.
In the meantime, it is good that the Ukraine government make this move, unlike the Chinese government which raised millions for their construction bank through IDO on Fusang exchange and still choose not to legalized cryptocurrency.

[coupable]

This explain how the European parlament refused the by voting the law of banning mining activities. But this also makes me wonder how that law was set again over the table despite the Ukranian condition of war.

I do not see any connection here. Ukraine is not part of the European Union or the euro area. Their laws do not affect laws within EU member states.

Well i can understand this. But With the actual situation of Ukraine, and after Ukraine announced that it will recognize virtual assets legally, the members of the European Union will not be able to help Ukraine using cryptocurrencies if the crypto is fully/partially banned.
I read somewhere that the European union proposed the ban as reaction for th environment despite that the hashing power of all the European countries doesn't exceed 3-4% from global power. it could be better if they succeed to ban nuclear activities and other activities that damage the environment much more than mining activities .

[stepwilli]

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.

This also showed that without politicians, the world would be a much better place as well. Liberal works are always known to be favoring capitalists, but a "worker owned company" is not strictly communist at all, or a "private road" never needs to mean charged.

We could always have a bunch of people get together and help a nation out like this, or build roads ourselves by getting together, or a few friends getting together and building a business (self owned pizza shops run by a family?). So, I would have to say that politicians and bureaucrats keep on making the world a worse place, possibly just so that we would keep needing them to get it better.

[Mpamaegbu]

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.

It's the right way to go if it will curb all the excesses of Vladimir Putin, seeing all the conditions he has given Zelensky. Honestly, I don't know (nobody does; not even Putin) what the outcome of this war will be. I'm sure no one believed it would longer to this day. It's almost a month since the Russia assault of Ukraine started. Well, if Zelensky's legislative move will be what Bitcoin and cryptos need to get strengthened and closer to mass adoption so be it.

With the world economic situation rising inflation. War broke out and the Covid 19 epidemic has greatly affected most countries.

To be honest with you, it's like the world cured itself of COVID 19 since this war started. All interest is now on Russia and Ukraine.

[Synchronice]

Ukraine can turn into a crypto hub and build the economy on cryptocurrencies after the war. One week ago officials said that Ukraine suffered nearly $120 billion in infrastructure damage. The damage will at least double because Russia isn't going to stop and Ukraine is also not to give up. Both side lost a lot of money in the war, Ukraine is backed by the modern western world.

Once the war ends and I hope Ukraine will win, the main mission of this country and the government will be to attract money, investors and rebuild the country. The current war is a bright picture of how easily can any law change in force majeure even in 21th century.

My prediction is that Ukraine will become the crypto hub of Europe!

[Imran232]

Though it's good news for Bitcoin, and it will attract more users to the cryptocurrency in the long run. Those people who want to donate to the Ukraine but can't find a trusted source now from any country or anywhere they are sitting can easily send the money directly to the Ukraine by bitcoin. Well, I don't want to say anything about this war. Because it is really hard to think about those people who are suffering, if I give my opinion about Bitcoin, then the decision might give a really negative impression to those people who had a negative opinion about Bitcoin because of government speech. That's what I think of the positive effect of bitcoin.

[tbterryboy]

...If I remember correctly, they provided a crypto donation site where they accept up to 9 different crypto coins...

Yes, indeed, the official website of Aid For Ukraine has been created https://donate.thedigital.gov.ua, which presents the possibility of donating 13 different crypto coins. And I am sure that this number of coins available for donation will increase in the near future.

It is the first time I am seeing this kind of power move by crypto. We are literally changing the course of time with our donations and that is a very strong stance. Maybe this is just Ukraine for the time being, but if this keeps up, and Ukraine keeps being like this, then maybe we can start with other nations.

Who says we can't help Africa with their problem? Who says we won't to Yemen? Or Taiwan in a crisis, or Hong Kong? Or Mexico? Or Venezuela? I mean the nations that have a problem is not just one nation, we have so many nations with terrible situations right now and crypto world could get a great reputation for bettering the lives of everyone around the world. That would definitely put us above the financial markets in fiat world, who are already hated by most people anyway.

[Stalker22]

This explain how the European parlament refused the by voting the law of banning mining activities. But this also makes me wonder how that law was set again over the table despite the Ukranian condition of war.

I do not see any connection here. Ukraine is not part of the European Union or the euro area. Their laws do not affect laws within EU member states.

Well i can understand this. But With the actual situation of Ukraine, and after Ukraine announced that it will recognize virtual assets legally, the members of the European Union will not be able to help Ukraine using cryptocurrencies if the crypto is fully/partially banned.
I read somewhere that the European union proposed the ban as reaction for th environment despite that the hashing power of all the European countries doesn't exceed 3-4% from global power. it could be better if they succeed to ban nuclear activities and other activities that damage the environment much more than mining activities .

Yes. It is good that this POW-ban law was voted down by the parliamentary committee. Although it was a close call. Instead, we now have a law with much more friendly language which will encourage the further development the cryptocurrency industry in the EU.

MEPs voted for a uniform legal framework for crypto-assets in the European Union. This includes, measures for consumer protection and safeguards against market manipulation and financial crime.

To reduce the cryptos' carbon footprint, MEPs have asked the European Commission to include crypto-assets mining in the EU taxonomy (a classification system) for sustainable activities by 2025.

https://www.euronews.com/next/2022/03/14/europe-to-vote-on-limiting-pow-crypto-mining-used-by-bitcoin-and-ethereum

[coupable]

This explain how the European parlament refused the by voting the law of banning mining activities. But this also makes me wonder how that law was set again over the table despite the Ukranian condition of war.

I do not see any connection here. Ukraine is not part of the European Union or the euro area. Their laws do not affect laws within EU member states.

Well i can understand this. But With the actual situation of Ukraine, and after Ukraine announced that it will recognize virtual assets legally, the members of the European Union will not be able to help Ukraine using cryptocurrencies if the crypto is fully/partially banned.
I read somewhere that the European union proposed the ban as reaction for th environment despite that the hashing power of all the European countries doesn't exceed 3-4% from global power. it could be better if they succeed to ban nuclear activities and other activities that damage the environment much more than mining activities .

Yes. It is good that this POW-ban law was voted down by the parliamentary committee. Although it was a close call. Instead, we now have a law with much more friendly language which will encourage the further development the cryptocurrency industry in the EU.

What can i understand from this, is that EU ignore all the activities he is actually doing , which are actually damaging the environment causing the Global warming, and focus on a minimalist details about POW based mining which doesn't represent a considerable share from the global carbon consumption. The EU is a big consumer of carbon.
In my opinion , this is a war against cryptocurrencies and i am sure we will see many attempts in the future by the spreadness of crypto adoption.

[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.

This explain how the European parlament refused the by voting the law of banning mining activities. But this also makes me wonder how that law was set again over the table despite the Ukranian condition of war.

In case you don't know, Ukraine isn't a part of the EU, and Ukrainian legislation thus doesn't really affect what's going on in the European Parliament. As for the law being signed during the war, Zelensky is working all the time, and from time to time it means signing laws, issuing decrees and stuff like that. Our Parliament is also working, by the way, considering and voting for new laws during the war.

Ukraine can turn into a crypto hub and build the economy on cryptocurrencies after the war. One week ago officials said that Ukraine suffered nearly $120 billion in infrastructure damage. The damage will at least double because Russia isn't going to stop and Ukraine is also not to give up. Both side lost a lot of money in the war, Ukraine is backed by the modern western world.

Once the war ends and I hope Ukraine will win, the main mission of this country and the government will be to attract money, investors and rebuild the country. The current war is a bright picture of how easily can any law change in force majeure even in 21th century.

My prediction is that Ukraine will become the crypto hub of Europe!

It's a nice prediction, and yes, it's likely that this will happen. State's tolerance and interest towards cryptos grew significantly during the war, so it's not likely that Ukraine won't proceed with further crypto adoption after the war. The damage is huge, but I also heard $300 billion of Russian money is already frozen somewhere by the West and will be given to Ukraine after the war to repair the damage caused by Russia. But yes, of course Ukraine will need to boost its economy with something, and the crypto industry is a good option.

[Woodie]

It's unfortunate that the legalization of crypto happened during the time of war but better late than never this is a win for everyone and I hope the people of Ukrainian will keep using crytptocurrencies even after the war is over.
But out of curiosity are the people still relying on the use of fiat to spend crypto or the system is built around the barter system.

[ajochems]

Nothing is unfortunate on legalization on war.When legalization occured, the flow of bitcoin will automatically increased from the normal value. It's reason for the pump in bitcoin price yesterday.The value of bitcoin crossed more that a 42k dollars.When the pump occur, same will be reflected in the price of most altcoin.It take 2-3 days for the stabilization of price to 42k dollars again. The fiat in Ukraine was most often exchange to bitcoin.

[tvplus006]

This is what should have been done long ago, we have good crypto community in Ukraine but banks and politics won't allow government make good financial decision, when the nation became hit by cash shortage, the crypto global community came to their aid...

The adoption or non-adoption of this law did not limit the collection of donations for Ukraine. After all, we all know that the collection of donations in cryptocurrency began after a tweet on the official page on February 26: https://twitter.com/Ukraine/status/1497594592438497282 , and the law was signed by the President of Ukraine on March 16. So this law "On virtual assets" is not aimed at collecting donations, but at the legalized thecrypto industry in Ukraine.

[sarmrakib]

After Ukraine get the world donation easily through Bitcoin, i can say i am not surprised that Ukraine will find safe haven in cryptocurrency because it will easily help their economy back on track, especially when the war is over a lot of crypto company will want to locate their business there and this will increase the country tax income.
In the meantime, it is good that the Ukraine government make this move, unlike the Chinese government which raised millions for their construction bank through IDO on Fusang exchange and still choose not to legalized cryptocurrency.

I am totally agree with you that it is a great move by Ukraine .The have made a great decision on this conflict .If the war over they can immediately start to recover their economy through bitcoin .Most of the investor have that on mind so it will be great opportunity for them as well .They already have gotten donation through crypto .You were saying about china ,they still on hesitation what to do though they have run funding through block chain .Hope we may get few positive news in future .At the end we just want that the war need to be stopped and also wanna a peach world lo live .

[suzanne5223]

After Ukraine get the world donation easily through Bitcoin, i can say i am not surprised that Ukraine will find safe haven in cryptocurrency because it will easily help their economy back on track, especially when the war is over a lot of crypto company will want to locate their business there and this will increase the country tax income.
In the meantime, it is good that the Ukraine government make this move, unlike the Chinese government which raised millions for their construction bank through IDO on Fusang exchange and still choose not to legalized cryptocurrency.

I am totally agree with you that it is a great move by Ukraine .The have made a great decision on this conflict .If the war over they can immediately start to recover their economy through bitcoin .Most of the investor have that on mind so it will be great opportunity for them as well .They already have gotten donation through crypto .You were saying about china ,they still on hesitation what to do though they have run funding through block chain .Hope we may get few positive news in future .At the end we just want that the war need to be stopped and also wanna a peach world lo live .

Yes, in the season of conflict and economic meltdown cryptocurrency have proven to be the best means to raised fund. I believe this is what the Ukraine government understand before they legalized cryptocurrency and something happened to the Chinese government when they raised capital for their Construction bank but I don't see them legalizing crypto in the future because they have chosen their path a couple of years ago.

[Natalim]

This is what should have been done long ago, we have good crypto community in Ukraine but banks and politics won't allow government make good financial decision, when the nation became hit by cash shortage, the crypto global community came to their aid...

The adoption or non-adoption of this law did not limit the collection of donations for Ukraine. After all, we all know that the collection of donations in cryptocurrency began after a tweet on the official page on February 26: https://twitter.com/Ukraine/status/1497594592438497282 , and the law was signed by the President of Ukraine on March 16. So this law "On virtual assets" is not aimed at collecting donations, but at the legalized thecrypto industry in Ukraine.

That is also what I think.
The President had probably thought of legalizing crypto before the war, we just don't know. Whatever the reason for this, I was glad that he was able to support crypto despite the challenging situation that the country had faced. The President is still on focus on growing their economy, not only on war.

The bill details requirements that Bitcoin service providers such as exchanges should abide by and determines fines for violations of the law’s provisions, in addition to determining that the country’s National Securities Commission regulate the cryptocurrency market.

This is really the thing why it was legalized and creates a Law in regards to this.

[LUCKMCFLY]

Nothing is unfortunate on legalization on war.When legalization occured, the flow of bitcoin will automatically increased from the normal value. It's reason for the pump in bitcoin price yesterday.The value of bitcoin crossed more that a 42k dollars.When the pump occur, same will be reflected in the price of most altcoin.It take 2-3 days for the stabilization of price to 42k dollars again. The fiat in Ukraine was most often exchange to bitcoin.

Well this has an indirect cause of an increase in the demand for BTC, this in part is good for the BTC market because a large amount of demand would be entering the market, I imagine that many Ukrainians are helped from abroad by their families, friends , among others, and if they use BTC to do it, it is to secure the money in a great way, although this is one of the many ways to send money, I think that due to the situation it would be a blessing for each Ukrainian to receive money safely, I do not know what Those who are still struggling in the country are suffering so much, but I think that the items by nature should rise in price.

[Albescent]

The digital asset focused outlets like cointelegraph or coindesk and other crypto exchanges and firms handling digital assets will be required to register with the government so as to operate in Ukraine and banks will also be allowed to open accounts for crypto firms.