The Digital Transformation Committee recommends the adoption of the revised Ukrainian crypto law – Bitcoin News Regulatory – News Couple

The Digital Transformation Committee recommends the adoption of the revised Ukrainian crypto law – Bitcoin News Regulatory

The “Virtual Assets” law, Ukraine’s attempt to regulate the growing crypto space, has been reviewed again and recommended for final adoption. A key parliamentary committee has voiced support for the bill, which Ukraine’s president opposed this month.

Ukrainian lawmakers will vote on the updated “virtual assets” law in November

The long-awaited saga of Ukrainian legislation regulating cryptocurrency and related activities is coming to an end. The Digital Transformation Committee of the Verkhovna Rada, the Verkhovna Rada, discussed the revised bill “On Virtual Assets” this week and supported the recent changes.

The law was updated after being brought back to the legislature by President Volodymyr Zelensky earlier in October. The head of state motivated his decision mainly on the argument that the creation of a new regulatory authority for the cryptocurrency market, which was envisaged in the bill, would be too costly for the state.

The Digital Transformation Commission recommends the adoption of the amended Ukrainian cryptographic law
President Volodymyr Zelensky

Zelensky proposed that the National Securities and Exchange Commission (NSSMC) be tasked with oversight instead. The NSSMC will also regulate the virtual assets on the basis of securities, and if they are backed by fiat currencies, the responsible authority will be the National Bank of Ukraine (NBU).

Crypto news agency Forklog reports that the amended law will be introduced in Parliament on November 2, and will be considered during an extraordinary Parliament meeting. The online post indicated that if it was adopted again by lawmakers, this time the president would be obligated to sign it into law within 10 days in accordance with the country’s constitution.

Ukrainian lawmakers approved the initial version of the “Virtual Assets” law in the second and final reading in early September. At the time, a number of changes had already been made to the draft after its first reading in December of last year. This amendment came in response to criticism from various regulators, including the NBU and the NSSMC.

The legislation recognizes cryptocurrencies as intangible goods classified into two main categories, secured and unsecured. They have been denied legal tender status and will not be accepted as payment for other goods or services. However, this will be possible through the conversion into the official currency by intermediaries.

Crypto service providers such as these will be required to comply with the country’s current anti-money laundering rules, provide identification and verification procedures and monitor financial transactions. Cryptocurrency exchanges will need a permit from the Ministry of Digital Transformation in order to operate legally in Ukraine, which is a leading cryptocurrency adoption company. Companies dealing with virtual assets will be able to open bank accounts and seek judicial protection.

Do you expect Ukrainian lawmakers to finally adopt the “Virtual Assets” law? Let us know in the comments section below.

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