Why has Ukraine legalised cryptocurrency?
Categories: Crypto News
Ukrainians have been one of the most active retail users of cryptocurrencies, and there had been discussions in the country earlier to legalise these digital assets, but the latest trigger has been Russia’s military action in Ukraine. In light of the war, Ukraine has reportedly received more than $100 million in donations in the form of cryptocurrencies since the crisis began last month. A report by TechCrunch said that with the new law in place, Ukraine’s first crypto exchange, Kuna, will no longer be limited to helping the country spend the donations directly with crypto-friendly suppliers, but help convert crypto to much-needed fiat. It added that the country has also partnered with the Bahamas-based exchange FTX to convert crypto contributions to Ukraine’s war effort into fiat for deposit at the National Bank of Ukraine. Incidentally, an earlier law to legalise cryptocurrencies was passed by Ukrainian parliament back in September as well, but was vetoed by Zelenskyy saying the country couldn’t afford a new regulatory body.