Ukraine's Zelenskyy legalizes cryptocurrencies as donations jump to $100M

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Ukraine took a leap to make use of the decentralized marketplace after President Volodymyr Zelenskyy on Wednesday signed a bill into law that legalizes cryptocurrencies in the country.

Specifically, the law determines the legal status, classification, ownership and regulators of virtual assets, in addition to setting registration requirements for virtual asset services providers, the Ministry of Digital Transformation stated.

Going forward, "foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies," the digital ministry wrote in a Twitter post. "It is an important step towards the development of the VA market in Ukraine." The market will be regulated by Ukraine's National Commission on Securities and the Stock Market.

The move comes as the Ukrainian government receives ~$100M in crypto donations from those that want to support the country's defense efforts amid Russia's invasion, CoinDesk reported. This compares with a $22.2M stash near the end of February.

Meanwhile, crypto's remain mostly in the green intraday, with bitcoin (BTC-USD +3.2%) holding above $40K and ethereum (ETH-USD +4.1%) drifting up to $2.68K.

Digital asset related exchanges: Coinbase Global (COIN +8.0%), Robinhood (HOOD +14.3%), CME (CME +2.9%), Intercontinental Exchange (ICE +0.4%), Cboe Global Markets (CBOE -0.1%), Net Savings Link (OTCPK:NSAV +1.5%).

Recall in June, 2021, El Salvador became the first ever country to make bitcoin legal tender.