On September 8, the Verkhovna Rada of Ukraine adopted in the second reading and as a whole the draft law «On virtual assets» regulating operations with cryptocurrencies in the country. The document was supported by 276 deputies.
The law will come into force after the adoption of amendments to the Tax Code concerning the taxation of transactions with virtual assets (VA). This document has not yet been adopted.
According to the document, IA are recognized as an intangible benefit. They are categorized into secured and unsecured.
VAs are not a means of payment in Ukraine and cannot be exchanged for property or services.
Market participants obtained the right to judicial protection of rights to VA, to open bank accounts for settlements on transactions with VA, as well as to independently determine and set the value of VA in the course of transactions.
They are also required to comply with anti-money laundering and anti-terrorist financing laws.
The document introduces the definition of financial IA, the issuer of which must be a resident of Ukraine. They can be secured by currency values - in this case, the turnover is regulated by the National Bank, as well as securities or derivatives – regulated by the National Commission on Securities and Stock Market.
Let us remind you that on December 2, the Verkhovna Rada adopted the draft law «On virtual assets» in the first reading.
By the second reading, the document had changed, but the financial regulators of Ukraine criticized the updated draft law. Subsequently, the text was updated again, taking into account the comments. In June, the Committee on Digital Transformation recommended the adoption of the bill.
