Ukraine President Volodymyr Zelenskyy Thursday signed into law a bill which creates a legal pathway for a cryptocurrency market in Ukraine.

The bill, “On Virtual Assets,” was initially developed as a joint effort from Ukraine’s Ministry of Digital Transformation and industry representatives. Last month, the Ukraine legislature considered and passed the bill. With Zelenskyy’s signature, the bill is now law.

This all occurred with the backdrop of the Russian war with Ukraine. On February 26, Ukraine posted to their Twitter account a plea for cryptocurrency aid. Since then, Ukrainian government and nongovernmental organizations have raised $63.8 million, through more than 120,000 cryptocurrency donations, according to a leading cryptocurrency compliance firm Elliptic.

The Ministry of Digital Transformation of Ukraine also created a website to collect cryptocurrency donations. The website lists the 13 different cryptocurrencies the country accepts, as well as a total of the funds raised. All cryptocurrency donated through the ministry’s website funds the Armed Forces of Ukraine and humanitarian efforts in Ukraine.

“On Virtual Assets” is Ukraine’s first step towards establishing a legal market for cryptocurrency. The bill seeks to determine the legality of cryptocurrency, establish a regulatory scheme, and create conditions for further formation of the legal cryptocurrency market.

​​The new cryptocurrency market will be regulated by the National Commission on Securities and Stock Market, which is the Ukrainian governmental body already responsible for the regulation of the country’s securities market.

Announcing the bill’s passage into law, the Ministry of Digital Transformation of Ukraine said: “The signing of this Law by the President is another important step towards bringing the cryptocurrencies sector out of the shadows and launching a legal market for virtual assets in Ukraine.”