Volodymyr Zelenskyy, the president of Ukraine currently based in Kyiv, has reportedly put his signature to a legal framework, legalizing the operation of a regulated crypto market. 

Specifically, via an announcement on March 16th, Ukraine’s Ministry of Digital Transformation reportedly revealed that Zelenskyy reportedly granted his approval to a bill dubbed “On Virtual Assets”, initially adopted by the nation’s legislature, the Verkhovna Rada, last month. 

It will reportedly be mandatory for crypto exchanges and companies doing business in virtual assets to complete the registration with the authority, regarding their legal operations in Ukraine, with banks to receive the greenlight to open accounts for crypto entities.

The law reportedly equips Ukraine’s National Securities and Stock Market Commission with the legal freedom to decide the nation’s policies on digital assets, issue licenses to companies working crypto, as well as functioning as a financial watchdog. 

The government agency further revealed that Ukraine’s Ministry of Finance was reportedly also spending resources in fixing the nation’s tax and civil codes, in a bid to accommodate the legal framework for digital assets.

“The signing of this law by the president is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine” the Ministry of Digital Transformation additionally remarked. 

Crypto has reportedly brought along different challenges regarding the nation’s current fight against Russia following the invasion on Feb. 24, with many donating directly to Ukraine for humanitarian causes and funding the military.

At that time, the National Bank of Ukraine reportedly revealed its intention of putting a limit on cash withdrawals at banks, fixed the foreign exchange rate of the country’s hryvnia currency and temporarily shut down the issuance of electronic money.