Parliament passes law on cryptocurrency with President’s proposals

According to Ukrinform, the relevant bill (No.3637) was approved by a total of 272 MPs on Thursday, February 17.

The document defines the legal regime of virtual assets, market participants of virtual assets, their rights and obligations, services for the exchange of virtual assets.

The President proposed, in particular, that the National Commission on Securities and Stock Market regulate the virtual assets market, as the creation of a new body, as provided by law, requires significant expenditures from the state budget.

Now the law defines the powers in the field of virtual assets of both the National Bank of Ukraine and the National Commission on Securities and Stock Market. In addition, according to the document, Ukraine will create a state register of service providers related to the turnover of virtual assets.

It is expected that the granting of legal status to virtual assets will stimulate the development of new industry in the legal field of the state and help increase revenues to the state budget through taxes.

"Ukrainians will be able to tokenize property rights and receive judicial protection of rights to virtual assets. Thus, international cryptocurrencies will legally operate in the territory of Ukraine," the explanatory note reads.

As reported, the Ukrainian parliament approved bill No.3637 "On Virtual Assets" in the first reading in December 2020, in the second reading - in September 2021.

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