Ukraine legalized the crypto sector-Zelensky signed the law "on virtual assets"

President Volodymyr Zelensky signed the law "on virtual assets"on March 16, 2022. It creates conditions for launching a legal crypto market in Ukraine. The new market will be regulated by the National Securities and stock market Commission, the press service of the Ministry of digital transformation reports.

"This is another important step towards shadowing the crypto sector and launching a legal virtual asset market in Ukraine," the release says.

What will change now

In particular, the law approved by the president provides for the following changes::

defines the legal status, classification and ownership rights of virtual assets;defines market regulators — the National Bank of Ukraine and the National Securities and stock market Commission;creates conditions for further formation of the legal field in the virtual asset market;defines the list of virtual asset service providers and conditions for their registration;provides for the introduction of financial monitoring measures in the field of virtual assets. What is the role of the regulator

In turn, the National Securities and stock market Commission will:

form and implement state policy in the field of virtual assets;determine the procedure for turnover of virtual assets;issue permits to service providers of virtual assets;carry out regulation, supervision and financial monitoring in this area.

It is known that this law comes into force from the date of entry into force of the law "on amendments to the tax code of Ukraine regarding the specifics of taxation of operations with virtual assets".

Meanwhile, the Ministry of digital development is working on making changes to the tax and civil codes of Ukraine to fully launch the virtual asset market.

Recall that the current version of the law "on virtual assets" was adopted by the Verkhovna Rada on February 17, 2022.

On September 8, 2021, the Verkhovna Rada adopted draft law No. 3637 "on virtual assets"as a whole. 276 people's deputies voted for it. The document is based on current standards for regulating operations with virtual assets of the International Anti-Money Laundering Group (FATF).

On October 5, 2021, president Volodymyr Zelensky vetoed the law "on virtual assets". The head of State returned the document to the Verkhovna Rada with his proposals.