This press release was translated via Google Translate from the Ministry of Digital Transformation of Ukraine.
Today, President of Ukraine Volodymyr Zelensky signed the Law of Ukraine “On Virtual Assets”, which was adopted by the Verkhovna Rada of Ukraine on February 17.
It creates conditions for the launch of a legal market for virtual assets in Ukraine. The new market will be regulated by the National Securities and Stock Market Commission.
Signed Law:
- determines the legal status, classification and ownership of virtual assets;
- determines market regulators – the National Bank of Ukraine and the National Commission on Securities and Stock Market;
- creates conditions for further formation of the legal field in the market of virtual assets;
- determines the list of providers of virtual assets and conditions of their registration;
- provides for the implementation of financial monitoring measures in the field of virtual assets.
The National Commission on Securities and Stock Market will:
- to form and implement state policy in the field of virtual assets;
- determine the order of turnover of virtual assets;
- issue permits to virtual asset service providers;
- to regulate, supervise and financially monitor this area.
Until now, the Ministry of Culture has been developing the legal field in this area. Together with industry representatives, we developed a profile law. Currently, the Ministry of Finance is also actively working to amend the Tax and Civil Codes of Ukraine to fully launch the market for virtual assets.
The signed Law enters into force on the date of entry into force of the Law of Ukraine on Amendments to the Tax Code of Ukraine on the peculiarities of taxation of transactions with virtual assets.
The signing of this Law by the President is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.