On Wednesday (March 16), Ukraine’s Ministry of Digital Transformation announced President Volodymyr Zelensky had “signed the Law of Ukraine ‘On Virtual Assets’, which was “adopted by the Verkhovna Rada of Ukraine on February 17.”
In a press release issued at 3:14 p.m. UTC, the Ministry of Digital Transformation said that this law “creates conditions for the launch of a legal market for virtual assets in Ukraine” and that “the new market will be regulated by the National Securities and Stock Market Commission.”
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It went on to say what the new law achieves the following:
- “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“
It also mentioned that The National Commission on Securities and Stock Market will
- “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“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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