Ukraine has adopted a law that creates a legal framework for the country's cryptocurrency industry.

Ukrainian President Volodymyr Zelensky legalized cryptocurrencies by signing a law on virtual property. The decision was made after Ukraine started accepting cryptocurrency donations from individuals and groups in the hope that it would help the country's war efforts against Russia.

Mikhail Fedorov, the Deputy Prime Minister of Ukraine and the Minister of Digital Transformation, stated earlier that he would ""Get the crypto sector out of the shadows." With the beginning of the invasion of this country, that proved to be an even better idea.

Cryptocurrencies have become a powerful means of attracting additional funds to support the armed forces of Ukraine. In more than three weeks of war, the Crypto Fund of Ukraine has collected more than 54 million dollars in cryptocurrencies. And some sources claim that the government received as much as 100 million dollars in crypto donations.

This financial instrument plays a significant role in the war between Russia and Ukraine. Ukrainians are also buying crypto assets in increasing numbers, with trading on the domestic stock market rising by 200% after the invasion.

Replacing virtual assets with regular ones (fiat) is still often necessary and difficult, but legal recognition of the crypto sector should help alleviate these problems.


Impact on cryptocurrencies

The global market capitalization of cryptocurrencies rose to 1.82 trillion dollars, which is an increase of 1.42% in 24 hours since the action of the President of Ukraine. Total cryptocurrency trading jumped 23% to $ 100.11 billion, according to Coinmarketcap.

Bitcoin, the largest cryptocurrency by market value, traded at $ 41,124.58, an increase of 0.69%, so its seven-day growth reached 0.8%. Ethereum rose 2.9% in 24 hours to $ 2,769. This second largest cryptocurrency at market value has grown by 3.9% in the last week.

These developments in the financial market may be the right time to consider CFD trading.