Tor Constantino is a corporate communications manager and business writer with an MBA. Since 2017, he has been writing about cryptocurrencies, blockchain and the potential of crypto to revolutionize finance. His writing has been published in media outlets such as Entrepreneur, Forbes, Fortune, CEOWorld and Yahoo!. “Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global virtual asset market,” he said in a statement. Bitcoin is now legal in Ukraine, as parliament passed a bill in final reading that is in line with the president`s recommendations. However, the country has not made Bitcoin legal. From Russia on the 24th. After launching its unprovoked invasion of Ukraine, more than $100 million in cryptographic donations were made directly to Ukraine to pay for military supplies and war-related humanitarian needs. In addition to the threat of war, Russia`s economic clout and ambivalence toward cryptocurrency could overshadow Ukraine`s opening-up. Russia remains one of Ukraine`s biggest trading partners, and Russia`s central bank is developing its own digital currency, pushing for a cryptocurrency ban.
The Ukrainian parliament had already passed a law legalizing cryptocurrency last September, but President Volodymyr Zelensky vetoed the bill the following month. Zelenskyy said Ukraine cannot afford to create an entirely new regulatory system for crypto management. Several crypto exchanges help Ukraine in terms of cryptocurrencies. Binance, a global cryptocurrency exchange, has donated $10 million to support the humanitarian crisis in Ukraine. Earlier, FTX, a Bahamas-based cryptocurrency exchange, announced that it would give $25 to every Ukrainian on its platform. The head of the decentralized platform TRON DAO, Justin Sun, donated $200,000. In the midst of the war against Russia, Ukraine legalized the crypto sector. President Volodymyr Zelensky signed a corresponding law on March 16, 2022. “From now on, foreign and Ukrainian cryptocurrency exchanges will operate legally, and banks will open accounts for crypto companies.
This is an important step towards the development of the VA (Virtual Asset) market in Ukraine,” the Ukrainian Ministry of Digital Transformation tweeted. This decision highlights the growing role of crypto in the war in Ukraine. The Russian invasion led to a global campaign to support Ukraine through crypto donations. The country has reportedly received $100 million in crypto donations since the war began. Recently, Dubai introduced its first regulation on virtual assets. With this, Dubai has joined the list of regions – such as Singapore, the United States, the United Kingdom, and El Salvador, where regulations on cryptocurrencies have been introduced. Sheikh Mohammed Bin Rashid, the ruler of Dubai, announced on Twitter that the emirate had enacted its first virtual asset law and had also formed an independent regulator to regulate the cryptocurrency sector. Harrison said he will continue to work in the cryptocurrency industry after he leaves.
The industry is “at a crossroads,” he said, expressing concern about large companies entering the market. Its goal, according to the Twitter feed, will be to “remove technological barriers to the full participation and maturation of global crypto markets, both centralized and decentralized.” The country`s parliament has backed an updated bill to legalize Bitcoin and cryptocurrencies in final reading. The new version of the Virtual Assets Law, which was passed by parliament on Thursday, places crypto regulation under the supervision of the National Securities and Exchange Commission, according to Zelenskyy`s proposal. Several tax developments around virtual assets are also taking place in India. India`s Income Tax Department is investigating the high-quality crypto transactions of 700 investors and non-payment of taxes. Earlier, during the winter session of Parliament, Finance Minister Nirmala Sitharaman introduced a 30% tax on virtual digital assets such as cryptocurrencies. Apart from that, a withholding tax of 1% (TDS) is deducted on any payment related to the transfer of virtual digital assets. On Wednesday, Ukrainian President Volodymyr Zelensky signed a law making Bitcoin and Ethereum legal in the country. The movement was triggered by the fact that more than $100 million in crypto donations were made to support Ukraine`s war effort against Russian invaders. In what is believed to be the first time crypto has been used in a war environment of this magnitude, supporters around the world had flooded the Ukrainian government with about $100 million (€90.9 million) in crypto donations at the time of publication. Sharat Chandra, vice president of research and analysis at EarthID, believes that the steps taken by the Ukrainian government will also help India formulate a regulatory framework.
“India can no longer afford to deal with crypto. Innovation-friendly crypto regulation will position India as a leader in the era of Web 3.0,” he said. The conflict between Russia and Ukraine has exposed the fault lines of traditional finance, forcing countries to opt for crypto regulation. “The dangers of arming financial infrastructure are pushing many countries to rethink virtual assets,” Chandra says. During his time at FTX, Harrison saw the trading platform grow from three to more than 100 employees, build a U.S. brokerage, and acquire several other crypto companies, including LedgerX and Embed. “I have no doubt that my experience in this role will be among the most valued of my career,” he said in a tweet. The SEC announced Monday that the mega-influencer, reality TV star and billionaire businesswoman will pay $1.26 million to resolve allegations that she advertised EMAX tokens on Instagram without revealing she was paid to do so. Kardashian, who according to the SEC “also agreed not to promote crypto-asset securities for three years,” has admitted no wrongdoing.
Although Ukraine has not officially regulated digital currencies so far, it has still proven to be a leading crypto hub. The country ranks fourth in Chainalysis` Global Crypto Adoption Index.