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Friday, January 27, 2023

Ukraine Has Updated Its Crypto Bill

The Verkhovna Rada, the parliament in Ukraine, has gone ahead and approved some major amendments in the major crypto legislation in the country. The Ukrainian Rada went on to pass this legislation in the second reading during a plenary session that took place on Thursday.

According to official reports, around 272 out of 365 deputies put in their support for the bill. The deputies had specifically approved most of the bill recommendations by President Volodymyr Zelensky, who removed the country’s Ministry of Digital Transformation from the list of authorities that were overseeing the cryptocurrency market. 

Ukraine’s Crypto Bill Will Be Signed By The President

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Currently, the updated bill version has established the National Bank of Ukraine and the National Securities and Stock Market Commission as the two major regulators of the market of cryptocurrency in the country. The National Bank of the country has been designed specifically to oversee the virtual assets turnover which has been backed by currency valuables.

The NSSMC has been set to supervise a few other forms of digital assets, which include the derivative financial instruments as well as a couple of regulated virtual asset service providers. 

The deputy minister of Ukraine’s Ministry of Digital Transformation, Alex Bornyakov, has informed Cointelegraph that the ministry welcomes the new changes in the country’s crypto law. According to him, most of the shrinking regulatory bodies have actually significantly accelerated the launch of the crypto market. 

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According to the head of the advisors at the parliamentary group Blockchain4Ukraine, Konstantin Yarmolenko, the President is about to sign and publish the law within the next 10 days. Most of the local lawmakers are also expected to register a bill on amendments to the tax code. 

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