Ukraine’s updated crypto bill kicks one ministry out as regulator

Ukraine’s parliament, the Verkhovna Rada, has approved some significant amendments in the country’s major cryptocurrency-related legislation known as the bill “On Virtual Assets.”

The Ukrainian Rada approved the legislation on Thursday in its second reading at a plenary session. 272 of the 365 deputies supported the bill.

The deputies approved several bill proposals by Ukraine’s President Volodymyr Ziensky. They also removed the Ministry of Digital Transformation of the country from the list of authorities responsible for the cryptocurrency market.

The updated bill creates the National Securities and Stock Market Commission of Ukraine (or NSSMC) and the National Bank of Ukraine (or NBU) as the two main regulators of the crypto market.

The NBU is tasked with overseeing the turnover of virtual assets that are backed by currency values. The NSSMC will supervise all other digital assets, including derivative financial instruments and regulate virtual asset service providers.

Alex Bornyakov (deputy minister of Ukraine’s Ministry of Digital Transformation) told Cointelegraph that his ministry welcomed the most recent changes to the country’s crypto laws.

“Shrinking regulatory agencies can significantly accelerate the launch of crypto markets. We are willing to work with The National Commission on Securities and Stock Market to help ensure the growth and development of the crypto market. Collaboration is the key to real market change.

Konstantin Yarmolenko is the head of advisors at Blockchain4Ukraine. Zelensky will sign and publish the law in the next 10 days, according to Yarmolenko. Local legislators are expected to also register a bill amending Ukraine’s tax code in order to regulate “all matters related to taxation on cryptocurrencies and other virtual assets.”

Cointelegraph reported that Ukraine’s bill “On Virtual Assets”, introduced in May 2020. It was designed to establish the legal status for cryptocurrencies such as Bitcoin (BTC). The bill was resubmitted to parliament after several readings due to the cost of establishing a new regulatory body to oversee digital assets.

The Ministry of Digital Transformation was established in August 2019. It is well-known for its collaboration with some of the most prominent players in the crypto industry, such as Binance, the largest crypto exchange.

Related: Binance Ukraine to get a crypto payment card in 2022

This news comes amid ongoing tensions between Russia and Ukraine. Reports claim that Russia is adding troops to the Ukraine’s border, despite its claims of withdrawing some forces. Russia has been hard at work on crypto regulation amid the ongoing crisis. The government plans to release draft regulations for the industry on Friday.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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