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In Ukraine, the recently adopted law “On Virtual Assets” was sent back to the the country’s legislature, the Verkhovna Rada. President Volodymyr Zelensky, a vocal Bitcoin evangelist, included some his his own suggestions and did not agree with the establishment of a new regulatory body which would need significant funding.
The long-awaited law “On Virtual Assets” was passed by lawmakers after a second and final reading in September. To enforce the new law, it was sent to the president’s office for signature of the country’s Head. Nevertheless, president Zelensky sent it back with some remarks.
The bill includes key legal definitions of cryptocurrencies, such as “financial virtual assets” and furthermore clarifies the responsibilities of government institutions that are expected to oversee the digital assets under Ukraine’s jurisdiction. As an example, assets backed by currencies will be regulated by the National Bank of Ukraine (NBU). When underlying assets are securities, it will be the National Securities and Stock Market Commission (NSSMC) with regulatory supervision
According to the bill, a new regulatory body for the crypto market would have to be established and that leads to opposition from Zelensky. The president explained in an announcement that this will require significant expenditures from the state budget” and he would rather have the NSSMC be tasked with the oversight
Ukraine’s newly adopted bill acknowledges virtual assets as intangible goods and places them into two main categories: secured and unsecured. Crypto will not (yet) be legal tender in Ukraine and there will not be any direct exchange for other goods or services.
While the bill does not disclose the legality of mining activities, it is not considered illegal. Lastly, further tax amendments are needed to address cryptocurrency.
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Author: Peter Siu