Trustee Plus stops registering new cryptocurrency owners in Ukraine

Cryptocurrency wallet Trustee Plus stopped registering new users from Ukraine on May 20. The project team explained this decision by the lack of legal certainty in the regulation of virtual assets in Ukraine. Nevertheless, the already registered Ukrainian users, as well as Ukrainians permanently residing in the EU, continue to have access to the services.

The developers clarified that most of the features remain available to all users, except for the payment card, which is a joint product with the Quicko service. The timing of a possible return to servicing the Ukrainian market has not yet been determined. The company emphasized that it had decided to suspend expansion into Ukraine and focus its resources on the European Union market.

Trustee Plus founder Vadym Hrusha has previously publicly expressed his disappointment with the delay in the adoption of the law on cryptocurrency regulation in Ukraine. In his opinion, every day of delay in regulatory regulation means losing ground in the global competition in the field of blockchain innovations.

It is worth noting that on May 12, the draft law on virtual assets was withdrawn from consideration by the President’s Office without setting new deadlines for consideration. According to MP Yaroslav Zheleznyak, this decision was lobbied by Ruslan Magomedov, the head of the National Securities and Stock Market Commission.

This step by Trustee Plus comes amid a general shutdown of Ukrainian crypto projects. At the end of January, the Kuna crypto exchange announced its withdrawal from the market, which completely stopped working and shut down its servers on April 30.