[TechUkraine new] The Verkhovna Rada has adopted the law on virtual assets in Ukraine

The Verkhovna Rada supported the amendments of the President of Ukraine to the Law On Virtual Assets. The law will allow to launch a legal market for virtual assets in Ukraine.

According to the changes, the National Commission on Securities and Stock Market will regulate the virtual assets market. The National Commission’s on Securities and Stock Market will be responsible for the following:

  • shaping and pursuing a policy in the field of virtual assets;
  • determining the order of circulation of virtual assets;
  • issuing permits to virtual asset service providers;
  • carrying out supervision and financial monitoring in this area.

The Ministry of Digital Transformation’s team worked on the legal field in this area. Together with industry representatives, they worked on drafting the Law On Virtual Assets. Currently, the Ministry of Digital Transformation also engages in activities to develop appropriate amendments to the Tax and Civil Codes of Ukraine to fully launch the market of virtual assets.

Ukraine is among the top 5 countries in the world in the number of cryptocurrency users. We have a well-developed society of blockchain developers. The number of Ukrainian crypto startups is growing.