The proper regulation of the virtual assets market will be: the MPs voted for amended draft Law №3637

The Verkhovna Rada adopted the Law of Ukraine on Virtual Assets with the proposals of the President of Ukraine. According to the document, all powers to regulate the virtual assets market are vested in to the NSSMC, except for virtual assets with currency values (the powers of the National Bank of Ukraine).

“We are glad that the virtual assets market finally got a specialized law as a pointer for legal functioning and development. It is great that Ukraine became one of the world leaders not only in the growth of the sector  but also in its progressive regulation, – Ruslan Magomedov, the Chairman, shares his impressions. – I can assure you that the Regulator has the necessary professional expertise for the work and will concentrate its efforts in creation of stimulating instruments for the industry, as well as protecting the rights and interests of investors”.

The NSSMC will determine the procedure for virtual assets trading, issue the license for market participants, protect the rights and interests of investors, as well as perform financial monitoring in this area.

“The Law establishes only the main rules in this market. And now, according to the market needs, our task is to prepare the proper regulatory framework, to make changes in the Tax and Civil Codes. It is impossible to have a regulated and coordinated work of the virtual assets market without this. Therefore we invite market participants to this work and dialogue. After all our common initial goal is to help the industry to start up in the legal sphere,” the Chairman adds.

According to the Chairman, the Regulator will closely cooperate in this part with the Ministry of Digital Transformation, which also has some experience and developments in the virtual assets market: “I am convinced that our collaboration will be the key to the development of this innovative sector of the economy at a pace that exceeds the growth of virtual assets markets in other countries of the world. We will form such a regulatory model, which would be simple, progressive and, most importantly, effective”.

The President of Ukraine the Law On Virtual Assets returned to the Verkhovna Rada for revision on 5th of October, 2021. The President proposed to entrust the regulation of the virtual assets market to the NSSMC.