Ukrainian President Volodymyr Zelenskyy on Wednesday signed a law making crypto legal in the embattled nation.
The bill, which had been approved by the Ukrainian parliament last month, clears the way for “a legal market for virtual assets” in the country, according to a statement from Ukraine’s Ministry of Digital Transformation.
“From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies,” the ministry announced in a tweet.
The move underscores the growing role of crypto in the Ukraine war. The Russian invasion led to a worldwide campaign to support Ukraine through crypto donations. The country has reportedly received $100 million in crypto donations since the war began.
The new law doesn't make crypto legal tender but does provide a regulatory structure for digital assets. The country's Ministry of Finance is working on tax regulations and other rules for crypto, according to the government's statement on the law.