Legalizing Crypto by Zelensky to Unlock More Than $100M for Ukraine’s Defense

On Wednesday, Ukrainian President Volodymyr Zelensky signed laws that legalize cryptocurrency. This transfer comes after Ukraine received a flood of digital foreign currency donations in recent weeks due to the nation’s war with Russia.

In an announcement made on Wednesday, the Ministry of Digital Transformation of Ukraine said that the law establishes conditions for the launch of a market for digital properties. This marketplace will be regulated and supervised by the Ukrainian National Securities and Stock Market Commission.

“Ukraine legalized the crypto industry — @ZelenskyyUa has signed a law.” “Ukraine has legalized the crypto sector — @ZelenskyyUa signed a legislation.”

According to Mykhailo Fedorov of Ukraine’s Ministry of Digital Transformation, cryptocurrency has become a tool for raising more funding for the country’s armed services. In a Wednesday announcement, he noted that Ukraine had raised more than $54,000,000 in cryptocurrency donations in the three weeks since Russia invaded.

Coindesk is a publication which covers digital currencies. It reported that Ukraine received much more than that — not less than $100,000,000 in cryptocurrency donations within the last three weeks.

Fedorov stated in an interview published by TechCrunch on Tuesday that the money that Ukraine has received through cryptocurrency donations “has been directed to the needs of the Ukrainian army.”

Zelensky had not yet signed the crypto-law at the time. He said “we try to be as friendly to digital property as possible.” We’re continuing this effort even during wartime.

Fedorov said that Ukrainian officers were engaged in the “technical entrance” and “financial entry” even during Ukraine’s war with Russia.

“Our authorities have worked particularly hard to liberalize our financial system, and remove all obstacles, roadblocks and bottlesnecks from our financial system. We are simplifying tax regulations. We’re opening our customs, and — gee! — we’re trying to develop our country economically despite the conflict,” Fedorov told TechCrunch.

He also said that he believed the tech community has “chosen”, Ukraine’s side.

He acknowledged that “we will feel it in our hearts, and by the actions of tech community. We are very grateful.”

Ukraine announced earlier this month that it may be selling NFTs, or non-fungible tokens, as part of efforts to raise funds for its military.

Newsweek contacted Ukraine’s Ministry of Digital Transformation to get any additional comment, but did not receive a reply before publication on Thursday.