Crypto Legalization and Improvements It Brings to Ukrainian Nation

Ukrainian President Volodymyr Zelenskyy has strengthened the Ukrainian stance on crypto by signing into law a bill on virtual assets. This means that crypto is now legalized in Ukraine. The law in question determines the legal status, classification, ownership, and regulators of virtual assets, as well as setting registration requirements for crypto services providers.

The Digital Ministry stated that the market will be regulated by Ukraine’s National Commission on Securities and the Stock Market. Exchanges will be able to operate legally, and banks will open accounts for them. 

This important announcement was a positive step towards the general acceptance of crypto. It will act as a foundation for the numerous crypto donations that have been flooding into the Ukrainian governmental Ethereum address. The country has received at least $100 million in Bitcoin, Ethereum, TRON, Polkadot, Dogecoin and Solana, NFTs, and other initiatives. The crypto community showed its compassion and strength, activating all its members – from individuals and companies to NGOs, DAOs, and charitable organizations to support UA’s defense and help fund humanitarian efforts.

Ministry of Digital Transformation reported that they have been able to invest these assets to buy bulletproof vests, ballistic plates for bulletproof vests, helmets, thermal imagers and optics, walkie-talkies, as well as “medicines” and packed lunches, which was all forwarded to the Ukrainian Army. Forty percent of these supplies were paid in crypto, while the rest were typically paid with crypto converted into euros and dollars. 

Deputy Prime Minister – Minister of Digital Transformation Mykhailo Fedorov sees the new law as an additional opportunity for business development in Ukraine. Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global market for virtual assets. Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. 

The Ukrainian Ministry of Digital Transformation has been extremely successful with its call for crypto donations from the start of the Russian invasion. Being among the top 5 countries in the world in the number of cryptocurrency users it is not a surprise that the UA government decided on this move. Ukrainians are known for their experienced blockchain developers and a growing number of crypto startups. They are aware that the growth rate of the global crypto industry is ahead of traditional sectors of the economy and that the Ukrainian virtual asset market has great potential to become a powerful sector of the digital economy. 

The crypto community is applauding the Ukrainian crypto legalization step. They have proven that crypto can act as an important support element in times of need. The help of cryptocurrencies will help the Ukrainian citizens out both in the short and long run. The generous donations were already invested into important supplies for the Ukrainian Army and civilians. On the other hand, long-run solutions, like the GoCrypto initiative, will provide to Ukrainians much-needed business benefits in the months and years to come. 

GoCrypto, the fastest-growing crypto payment network, enabled free access to its crypto services for all Ukrainian merchants. The network is already widely recognized – present in 69 countries all over the world and actively used in 32 of them. By joining the GoCrypto network, merchants can accept payments and settlements in over 50 supported cryptocurrencies. If they decide to choose settlements in stable coins, like Tether (USDT), they can avoid all potential market fluctuation. This initiative seeks to provide Ukrainian business owners a safe platform to continue with their business, despite the troubling circumstances in their banking sector. 

Joining the network will prove to be beneficial for the entire Ukrainian community since Merchants will give their customers the chance to buy their products with crypto, while business owners will be able to continue making an income. 

Merchants who are interested in joining our initiative need to follow a short and simple procedure to open their GoCrypto account. When their account is confirmed, they get access to the Manager dashboard where they can see all their crypto transactions. The next step of onboarding is the KYB (Know Your Business) procedure where merchants make a short call with the GoCrypto support team. This step is necessary to comply with the Anti-Money Laundering Law. Once this last step is done, Merchants are able to accept payments and receive settlements in stable coins or other supported cryptocurrencies. The GoCrypto support team promises to be by their side through the entire process. 

Consumers on the other hand can choose between three supported crypto wallets: Binance Pay, Bitcoin.com Wallet, or Elly Wallet and download them for free from Google Play or Apple Store. They can transfer a desired amount of assets to their crypto wallets and start paying for their goods and services through the GoCrypto payment network. 

The access to GoCrypto payment network will be free of charge for all Ukrainian Merchants – zero setup costs, zero transaction costs, and zero withdrawal costs indefinitely.

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