Ukraine adopted the law “On Virtual Assets”

The Law “On Virtual Assets,” taking into account presidential amendments, was adopted yesterday by the Verkhovna Rada of Ukraine.

The Law “On Virtual Assets”, legalizing cryptocurrency transactions in the country was vetoedby the president in September last year. Yesterday, by an absolute majority, deputies voted to adopt the updated document with presidential amendments.

The law classifies the turnover of virtual assets as financial services and instructs two existing regulators to take them under their jurisdiction. Now, compliance with financial legislation on the Ukrainian crypto market will be monitored by the National Commission for Securities and Stock Market (NCSM) and the National Bank of Ukraine (NBU). The first version of the law proposed creating a separate department for the crypto market, but the budget does not provide funds for this. 

The jurisdiction of the NBU includes virtual assets that are backed by national, foreign currency or metals. The National Commission will issue permits to operators of digital assets and should develop an accounting mechanism and a register of providers of such services in the next six months.

The National Securities and Stock Market Commission will also regulate other categories of digital assets, including derivative instruments. 

The President must sign the adopted document within ten days. The law will come into force after amendments are made to the Tax Code. So far, no such proposals have been submitted to the Verkhovna Rada for consideration.

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