Ukrainian lawmakers have approved a new version of legislation that is designed to keep the country’s crypto economy under control. When President Volodymyr Zelensky came back to the legislature, he asked for some changes to the bill that had been passed last year.
Ukraine’s Deputies are mostly in favour of a law called “On Virtual Assets.”
In Ukraine, the parliament, the Verkhovna Rada, has approved new rules for crypto activities. The country is a leader in Eastern Europe when it comes to using crypto. On Thursday, 272 out of 365 people who voted backed an amendment to the law “On Virtual Assets” on its second and final reading.
In September, 2021, the draught law was approved by the parliament. In October, Ukraine’s President, Petro Poroshenko, sent it back to the parliament with some suggestions for how to regulate the crypto market. In Forklog, they said that these things have now been taken into account.
In its original form, the bill called for the creation of a separate regulatory body, which the head of state said would be costly for the state budget. Its backers have thrown in the towel on that idea and also decided to let the Ministry of Digital Transformation off the hook for monitoring.
A lot of people will be in charge of the crypto market. The main regulators are the National Securities and Stock Market Commission (NSSMC) and the National Bank of Ukraine (NBU). The NBU will be in charge of making sure that virtual assets that are backed by other currencies don’t get out of hand. The NSSMC will be in charge of making sure that virtual assets that are backed by other currencies don’t get out of hand.
The commission will issue permits, keep an eye on service providers, and keep a national register of businesses that use cryptocurrencies. As part of its job, it will also set up procedures for reviewing cases in which virtual assets law violations and financial sanctions are found, as well.
There are still ten days for Zelensky to sign the bill into law. Until then, though, the new law won’t come into effect. Ukraine’s parliament must make changes to the country’s Tax Code so that crypto income and profits are taxed. Within a few days, the draught amendments should be sent in.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.