Cryptocurrency Bill Updated In Ukraine’s Parliament

Due to the new regulatory body creation for cryptocurrency oversight crypto bill of Ukraine was returned previously for revision.

Some important amendments have been approved by the Verkhovna Rada, Ukrainian parliament related to major cryptocurrency legislation in the country which is known as the bill On Virtual Assets.

On Thursday, in the second review during the parliamentary session, the Ukrainian Rada passed the legislation with 272 out of 365 members supporting the bill.

Several bill recommendations are given by Volodymyr Zelensky the President of Ukraine has been approved by the deputies which also includes the removal of the ministry of Digital Transformation from its authorities after overseeing the crypto market.

The National Securities and Stock Market Commission of Ukraine (NSSMC) and the National Bank of Ukraine (NBU) are established as two main regulators of the cryptocurrency market as per the updated version of the bill.

The National Bank of Ukraine is especially set to the task of overseeing the virtual assets turnover backed by the currency valuables. The NSSMC is assigned to supervise all other types of digital assets, which includes regulating virtual asset service providers and derivative financial instruments.

Ukraine’s deputy minister of the Ministry of Digital Transformation Alex Bornyakov welcomed the latest changes in the country’s cryptocurrency law.

Konstantin Yarmolenko, head of advisors at parliamentary group Blockchain4Ukraine stated that the prime minister is expected to sign and publish the new law in the next 10 days. A bill of amendments to the tax code of Ukraine is also expected to be registered by the local lawmakers to regulate all the issues which are related to cryptocurrency and other virtual assets taxation.

The Ukrainian bill On Virtual Assets was made back in May 2020 for the determination of the legal status of the cryptocurrencies such as Bitcoin (BTC). After many reviews, the president of Ukraine has returned the bill to the parliament for revision due to the expensive cost to set up a new regulatory body for oversight of digital assets.

The Ministry of Digital Transformation was established in August 2019 and it is known for its collaboration with some of the cryptocurrency industry’s leading participants such as Binance which is the largest crypto exchange in the world.