Start: The President of Ukraine signed the Law on Virtual Assets

The President of Ukraine signed the Law of Ukraine “On Virtual Assets”, which was adopted by the Verkhovna Rada in February.

The long-awaited news for the financial market, as the law marks the beginning for the legal functioning and development of this segment in Ukraine. However, this is only the first step and the NSSMC is facing many pressing issues to determine the tax system, synchronization with other laws and codes of Ukraine, the mechanism for protecting the rights and interests of investors, as well as developing a large array of relevant regulations.

The regulator will work closely with the professional community, the National Bank of Ukraine and other bodies to effectively develop this market and create a simple and progressive model of regulation.

It will be recalled that the law stipulates that all powers to regulate the virtual assets market are vested in the NSSMC, except for virtual assets secured by currency values, which will belong to the NBU.

The NSSMC will determine the order of circulation of virtual assets, license licensing market participants, protect the rights and interests of investors, as well as carry out financial monitoring in this area, etc.