Everyone is familiar with the current conflict between Russia and Ukraine. During this situation, Ukraine has received millions in crypto donations. This is why a crypto asset law has been signed by the President to properly make use of the aid that is being provided at the moment.
An earlier version of the bill was rejected by President Zelensky in 2021. However, another version of the bill has now been passed by the Ukrainian Parliament.
Ukraine is not the first country in the world that has legalized cryptocurrencies. Even though there is a lot of unpredictability and volatility associated with the crypto space, the significance of the crypto assets remains undeniable.
The prices of the digital assets have seen a noticeable surge as the price of BTC is back in the $40k price region.
Other altcoins in the market, such as Cardano and Ethereum, have also seen a surge in their prices. If you are interested in buying digital currencies then you need to take a look at their price movements and choose the best crypto exchange.
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What to Know About the Ukrainian Crypto Law?
As mentioned earlier, the crypto bill has been signed and approved by the President and has been passed by Parliament.
The bill is now a law that legalizes digital assets in the country. At the moment, Ukraine has received approximately $80 million in crypto donations for military and humanitarian aid in its war against Russia.
The crypto donations have been made from DAOs and crypto assets have been directly transferred to the wallets of the government.
The Ministry of Digital Transformation recently stated that the law will give crypto assets and market regulators a legal status in the country.
The market regulators include:
- The National Bank of Ukraine
- The National Commission on Securities and Stock Market
It has also been reported that under the new law, the foreign and domestic crypto service providers will be able to operate with legal accounts in Ukrainian banks.
The Ministry of Digital Transformation also tweeted:
Another major step planned by the finance ministry is to improve the Tax and Civil Codes in the country to develop the cryptocurrency market.
Digital assets have an undeniable significance, which is only growing with time. Therefore, anyone looking to invest in crypto assets for the first time should choose one of the lowest fees crypto exchanges.
What to Know as a Crypto Investor?
People who have been long-term crypto investors and traders are often not worried about the market situations, i.e. the drastic ups and downs seen in the price of digital assets.
The crypto market is known to be volatile as the prices of the digital currencies are impacted by several influencing factors, one of which was the Russo-Ukrainian war.
Therefore, novice parties who are interested in buying cryptocurrencies should know two important tips which include:
- Keeping an eye on the price movement of the digital asset they want to buy
- Choosing a suitable platform from the largest crypto exchanges in the market
If you are new to the crypto space and want to buy crypto assets such as BTC and ETH then you can click on SwissBorg or Kraken (U.S. citizens).
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