UKRAINE PRESIDENT ZELENSKY SIGNS LAW THAT LEGALISE BITCOIN
Ukraine President Zelensky signs law that legalizes BITCOIN in the country.
Ukrainian President has signed a new bill into law that makes bitcoin and other cryptocurrencies legal in Ukraine.
The President signed a virtual currency bill on March 16, 2022. The law will now allow Ukrainians to build bitcoin and other cryptocurrencies. All market participants will now enjoy legal protection and the privilege to make decisions through advisory agencies by the government. The move has allowed Ukrainians to legally trade in bitcoin merchant services, buy stocks with bitcoin and maybe learn more on bitcoin mining and cloud computing and many more.
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“Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. There will appear a transparent mechanism for investing in a new asset class” Ukrainian Deputy Prime Minister of Digital Transformation, Mykhailo Fedorov said. It was the same Minister who appealed to Elon Musk on twitter for Starlink satellite to be installed in Ukraine two weeks into the war: Elon Musk joins Ukraine, Provides Starlink satellite system
The law was passed by Parliament late last year in September and was waiting for it to be vetoed by President Zelensky. The President earlier raised concerns of funding for a new regulatory agency.
All cryptocurrency platforms must abide by principles laid down by the National securities Commission as the Commission regulates all dealings and transactions in transparency. The Commission outlines any possible sanctions or fines for violations of standards presented in the legal document titled “on virtual currency”
Banks are also expected to open accounts cryptocurrency companies. Ukrainians can now legally buy stocks with bitcoin or venture more into bitcoin mining and cloud computing. Ukraine received not less than $100 million in cryptocurrency donations in the last three weeks when Russian troops invaded the country.