Ukraine President Volodymyr Zelenskyy has signed into law this week the legalisation of cryptocurrencies in the region.

Unlike El Salvador, which adopted Bitcoin as legal tender, the Ukraine’s decision comes as a result of the massive amount of donations it has been receiving in the form of crypto.

That said, the legalisation was proposed last month before the Russian invasion took place, but the events in recent weeks has forced the Ukrainian government to expedite the signing of this piece of legislation.

“Until now, the Ministry of Digital Transformation has been developing the legal framework in this area. Together with industry representatives, they drafted the bill. Currently, the Ministry of Digital Transformation is also actively working to amend the Tax and Civil Codes of Ukraine to fully launch the virtual assets market,” the Ministry explained in a press statement.

“The signed Law enters into force on the date of entry into force of the Law of Ukraine on Amendments to the Tax Code of Ukraine on the peculiarities of taxation of virtual asset transactions,” it adds.

Outside of providing an avenue for assistance to be directed to Ukraine as a result of this ongoing invasion, this legalisation is seen as a serious victory by those in government.

To that end, Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, noted in a Telegram post that this would, “bring the cryptosector out of the shadows.”

“In more than three weeks of war, the Crypto Fund of Ukraine has raised more than $54 million in cryptocurrencies,” he added.

This therefore serves as a testament to the work the Ukrainian government is doing, especially given the extraordinary circumstances they are currently dealing with.

[Image – Photo by Sylwia Bartyzel on Unsplash]