While the world continues to respond to the Russian invasion of Ukraine, the cryptosphere has found itself swept onto the main stage as major crypto exchanges seek to align with sanctions against Russian individuals and entities and donations pour into Ukraine in the form of cryptocurrencies.
Ukraine has now officially joined the growing list of countries to legally adopt crypto as Ukrainian President Volodymyr Zelenskyy signed the bill on virtual assets into law, reported CoinDesk. The law is one that gives definition to virtual assets as to their ownership, classification, and the regulators of them within Ukraine in addition to establishing the necessary requirements for crypto service providers to register with the government.
It’s a move that Ukraine had already been considering but the onslaught of the war has hastened plans to legalize cryptocurrencies and exchanges operating within the country, as well as permitting banks to open related crypto accounts.
Ukraine has been the recipient of over $100 million in donations in the last three weeks via cryptocurrencies as support from the world continues to pour in. The availability of crypto in times of geopolitical strife and upheaval when traditional financial institutions have been unavailable highlights some of the stability and benefits of having a globally linked, decentralized financial system available around the clock.
As Crypto Acceptance Grows, Invest with Invesco
For investors looking to invest in the possibilities within the crypto economy and the innovators within the space, Invesco provides two different funds. The Invesco Alerian Galaxy Crypto Economy ETF (SATO) invests across the crypto industry in a variety of crypto-related categories and across all market caps within developed and emerging markets. By investing across a range of crypto assets, investors can capture potential within the space while also mitigating the risk compared to a singular spot exposure.
The fund seeks to track the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, which is divided into two different security types: digital asset companies that are engaged in cryptocurrency or the mining, buying, and enabling technologies of cryptocurrency; and exchange traded products (ETPs) and private investment trusts traded over-the-counter that are associated with cryptocurrency.
SATO does not invest directly in bitcoin, cryptocurrencies, crypto assets, or in initial coin offerings or futures contracts for cryptocurrencies, and it is non-diversified. SATO carries an expense ratio of 0.60%.
For investors looking for an opportunity to gain exposure to crypto’s growth, the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) offers investment in blockchain innovation making it all possible. The fund is based on the Alerian Galaxy Global Blockchain Equity, Trusts, and ETPs Index.
BLKC invests in companies that are developing blockchain, mining cryptocurrency, buying cryptocurrencies, or else enabling technologies, exchange traded products (ETPs), or private investment OTC trusts tied to cryptocurrency.
The fund does not invest directly in cryptocurrencies or crypto assets and does not invest in initial coin offerings or futures contracts on any cryptocurrencies. It carries an expense ratio of 0.60%.
For more news, information, and strategy, visit the Crypto Channel.