Amidst its ongoing conflict with Russia, Ukrainian President Volodymyr Zelensky has officially signed a law “On Virtual Assets” legalizing cryptocurrency assets in the country.

The signed law defines what is considered a crypto asset, taps the National Bank of Ukraine and its National Commission on Securities and Stock Market as crypto regulators, and establishes other regulations surrounding who can offer cryptocurrencies and how they must be registered in Ukraine.

An earlier version of this bill was proposed last September, but President Zelensky requested changes. The Ukrainian government first introduced the revised version of the bill on February 17. Today’s signing makes the law official in the European nation.

It’s important to note that crypto was not illegal in Ukraine prior to now, and also that Ukraine’s announcement does not say anything about making Bitcoin legal tender in the country, so today’s move is not akin to what El Salvador has done.

Deputy Minister of Digital Transformation Alex Bornyakov tweeted that the new crypto law will play a “vital role in Ukraine’s defence process.”

Ukraine’s National Commission on Securities and Stock Market will work to create a national policy on cryptocurrency in the country as well as issue permits to…

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