Ukraine passes on virtual assets to regulate the cryptom market - regulation Bitcoin News
Ukraine passes on virtual assets to regulate the cryptom market - regulation Bitcoin News
Parliament in Kiev has passed a law that sets the rules for crypto -related operations in Ukraine. The "on virtual assets" law recognizes cryptocurrencies as intangible goods, but refuses to the status of a legal means of payment. It also regulates the activities and duties of crypto companies.
ukraine legalizes crypto activities, defines virtual assets
The Ukrainian Werchowna Rada, the parliament of the country, has the law " About virtual assets "at the second and last Reading. Legislation regulates the company with cryptocurrencies in Ukrainian jurisdiction. The MPs passed the draft law with a large majority of 276 votes of 376 MPs present, with only six against the application.
The long -awaited law will come into force after the legislator has approved changes to the country's tax legislation in relation to the taxation of cryptocurrency transactions. The Ukrainian legislature still has to vote on these changes, forlog notes in his report on development.
The provisions of the new law recognize virtual assets as intangible goods that can be secured and unsecured. However, cryptocurrencies are not accepted as a legal means of payment in Ukraine and their exchange for other goods or services is not permitted.
The law also introduces the term "financial virtual assets", which must be issued by companies registered in Ukraine. If these assets are covered by currencies, they are regulated by the National Bank of Ukraine (NBU), the central bank of the country. If the underlying is a security or derivative, the National Securities and Stock Market Commission (NSSMC) is the most important regulatory authority.
crypto market participants will be able to independently determine the value of virtual assets, open bank accounts to handle transactions and to look for legal protection for associated rights. Service providers are obliged to adhere to the regulations of the country to combat money laundering and to prevent trials to finance terrorism over their platforms, just like traditional financial institutions.
The current Ukrainian authorities have retained a positive attitude towards the country's growing crypto industry, which was confirmed this week by representatives of the executive. During a visit to the United States, President Volodymyr Zelensky emphasized the importance of introducing a legal market for digital assets, which he described as the "development vector" of the digital economy in the country. The Ukrainian Minister of Digital Transformation, Mykhailo Fedorov, added that the country was working on becoming an attractive jurisdiction for crypto companies.
The draft law "About virtual assets" was coordinated in the first reading in the Rada last December. According to a number of changes, the legislator a revised version of the document in June this Year. After criticism of various supervisory authorities, including NBU and NSSMC, the draft law was changed again, whereby the authors took into account the concerns of other government institutions.
Do you believe that the business climate of Ukraine will improve for crypto companies after the adoption of the law on virtual assets? Share your expectations in the comment area below.
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