President Volodymyr Zelenskyy signs legislation regulating cryptocurrencies in Ukraine.
Before its latest revision was presented, the virtual assets law envisaged the establishment of a special crypto regulatory body but the Ukrainian head of state objected to the idea, warning this would cost the budget additional spending. Lawmakers agreed and also relieved the digital ministry of its oversight responsibilities.
The National Securities and Stock Market Commission and the National Bank of Ukraine will be the main crypto regulators under the amended rules. The NBU will supervise the circulation of digital assets secured with other currencies while the NSSMC will be the watchdog for the rest. The commission will also issue permits to crypto service providers, maintain a register of these entities, and oversee their activities. It is tasked with detecting violations and imposing financial sanctions. The new legislation will guarantee cryptocurrency owners judicial protection of other rights.
The law “On Virtual Assets” of Ukraine, which is a leader in terms of crypto adoption in Eastern Europe, will enter into force after Ukrainian deputies update the country’s Tax Code. The changes are necessary to regulate the taxation of crypto-related incomes and profits.
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