President Volodymyr Zelensky gas signed into law a bill that legalises cryptocurrency in Ukraine. A month ago Ukraine’s parliament passed a bill to legalise cryptocurrency, which went ahead to repair the regulation and management of cryptocurrencies like Bitcoin and Ethereum. The bill “On Virtual Assets” establishes a legal framework for the country to operate a regulated crypto market.
It authorises Ukrainian banks to open accounts for cryptocurrency companies. Designates the National Bank of Ukraine and the National Commission on Securities and Stock Market as financial watchdogs for the sector. It also requires crypto exchanges and companies that handle other virtual assets. They have to register with the government according to CoinTelegraph. The government claims that people’s cryptocurrency assets would be protected.
In a post shared on Telegram, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov, said the law would “bring the cryptosector out of the shadows.” (Translation via Google Translate.)
“With the beginning of the war, cryptocurrencies became a powerful tool for attracting additional funding to support the Armed Forces of Ukraine,” wrote Fedorov. “In more than three weeks of war, the Crypto Fund of Ukraine has raised more than $54 million in cryptocurrencies.” (Other outlets have reported that the government has received close to $100 million in crypto donations.) – The Verge
Russia has been sanctioned by a number of nations. This has raised concerns in certain quarters that Russia may utilise crypto to evade sanctions and shift money unnoticed. The Russian government has been constructing a digital currency, according to the New York Times, and Russia has been developing technologies to assist obscure the origins of digital transactions. In other words, if sanctions are intended to prevent nations and corporations from doing business with Russia, crypto would be a means to circumvent them. Former federal prosecutor Michael Parker told the New York Times that it would be “naive” to believe Russia hadn’t planned for sanctions and the need to find alternatives.
Apple & tech giants have immediately ceased sales in Russia.
As the sanctions continue against Russia by NATO and other supporting countries. However, tech giants like Apple and Microsoft are ceasing sales of products and services in Russia. Here are the lifts of companies involved.
The Russian invasion of Ukraine continues and a number of tech companies have said they’ll stop sales of products and services in the country. Apple and Microsoft bot said they’ll stop selling products in Russia. EA said it would stop the sale of games and other digital items while the conflict continues. With Disney holding their theatrical releases in Russia.