Cryptocurrency is a major factor in the conflict between Russia and Ukraine. Apart from being a primary conduit for donations to Ukraine, it has been viewed as a possible lifeline for Russians who have been subjected to financial restrictions. Ordinary Ukrainians have also been increasing their purchases of crypto assets, with trading on the native exchange Kuna growing by 200 percent in the aftermath of the country’s invasion by neighboring Russia. While exchanging virtual assets for cash is frequently essential and cumbersome, legal recognition of the crypto sector should help alleviate some of these issues.
