Ukraine’s President Zelenskyy Signs Legal Framework for Crypto

The law establishes a formal framework for a legal digital asset market which will include a licensing regime and regulatory supervision

article-image

Ukrainian flag flying over Kyiv | Source: Shutterstock

share

key takeaways

  • Ukraine has passed its law “on virtual assets,” paving the way for a legal crypto market
  • The country’s crypto market will be overseen by the National Securities and Stock Market Commission

Ukraine clarified cryptoassets’ legal status with a new law signed by the country’s president, Volodymyr Zelenskyy, on Wednesday.

The law sets in motion a formal framework for the establishment of a legal market for digital assets, Ukraine’s Ministry of Digital Transformation said in a statement.

Ukraine’s “On Virtual Assets” law comes at a time when crypto donations have continued to flow into the country following Russia’s military invasion on Feb. 24. Approximately $60 to 100 million in donations have been received via cryptocurrencies, according to Ukraine’s deputy minister for digital transformation, Alex Bornyakov.

The newly formed market is to be overseen by the National Securities and Stock Market Commission. The regulator is now tasked with implementing state policy as it relates to digital assets, issuing licenses and supervision, among other responsibilities.

Specifically, the law determines the legal status, classification and ownership of digital assets including market regulators. It will also create conditions for “further formation” of the country’s digital asset market, the ministry said.

Under the new law, a list of virtual asset service providers will be kept to provide registration and financial monitoring measures.

“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 said in its statement.

Effects of the war in Ukraine have been a dominant driver of market moves over the past month.

Hunter Horsley, CEO of crypto asset manager Bitwise, recently told Blockworks that the war also underscores the need for decentralized solutions.

“As it pertains to Web3, I think [the conflict] is absolutely galvanizing entrepreneurs to work on building the decentralized, permissionless systems of the future,” Horsley said earlier this month.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

tg trading bot report graphic.png

Research

Telegram trading bots have found their primary niche in highly speculative token launches and retail-dominated memecoin markets, with many features specifically tailored to token sniping and copy-trading strategies.

article-image

Ethereum is hoping that increased DA will grow user demand — and its profits through DA fees

article-image

11 years ago, Bitcoin contributors prevented a supply crisis… two centuries from now

article-image

Both samczsun and ZachXBT have issued warnings after the Bybit hack last month

article-image

The investor criticized Michael Saylor’s plan to render his personal bitcoin holdings inaccessible to anyone else forever

article-image

The exchange has structural defenses and protocols to limit manipulations

article-image

Upshift is being spun out of August, which raised $10 million earlier this month