{"id":13765,"date":"2021-10-30T14:54:14","date_gmt":"2021-10-30T14:54:14","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/digital-transformation-committee-recommends-amended-ukrainian-crypto-law-for-adoption\/"},"modified":"2021-10-30T14:54:14","modified_gmt":"2021-10-30T14:54:14","slug":"digital-transformation-committee-recommends-amended-ukrainian-crypto-law-for-adoption","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/digital-transformation-committee-recommends-amended-ukrainian-crypto-law-for-adoption\/","title":{"rendered":"Digital Transformation Committee Recommends Amended Ukrainian Crypto Law for Adoption"},"content":{"rendered":"

The law \u201cOn Virtual Assets,\u201d Ukraine\u2019s attempt to regulate its growing crypto space, has been revised again and recommended for final adoption. A key parliamentary committee has given its support for the bill which was vetoed by the Ukrainian president this month. <\/strong><\/p>\n

Ukrainian Deputies to Vote on Updated \u2018Virtual Assets\u2019 Law in November<\/h2>\n

The saga with Ukraine\u2019s long-awaited legislation regulating cryptocurrencies and related activities is heading towards its end. The Digital Transformation Committee at the Verkhovna Rada, the Ukrainian parliament, has discussed<\/a> the amended draft law \u201cOn Virtual Assets\u201d this week and supported the latest changes.<\/p>\n

The law has been updated after it was returned<\/a> to the legislature by President Volodymyr Zelensky earlier in October. The head of state motivated<\/a> his decision mainly with the argument that the establishment of a new regulatory body for the crypto market, which was envisaged in the bill, would be too expensive for the state.<\/p>\n

Zelensky proposed the National Securities and Stock Market Commission (NSSMC) to be tasked with the oversight instead. The NSSMC will also regulate virtual assets based on securities, and if they are backed by fiat currencies, the National Bank of Ukraine (NBU) will be the authority in charge.<\/p>\n

The amended law will hit the floor in the Rada on Nov. 2 and will be considered during an extraordinary meeting of the parliament, the crypto news outlet Forklog reported. If lawmakers adopt it again, this time the president will be obliged to sign it into law within 10 days in accordance with the country\u2019s constitution, the online publication noted.<\/p>\n

Ukrainian deputies approved<\/a> the initial version of the law \u201cOn Virtual Assets\u201d on the second and final reading in early September. At the time, a number of changes had already been made to the draft after its first reading in December of last year. That revision<\/a> came in response to criticism from various regulators, including the NBU and the NSSMC.<\/p>\n

The legislation recognizes cryptocurrencies as intangible goods classified in two main categories, secured and unsecured. They were denied a legal tender status and will not be accepted as a means of payment for other goods or services. However, this would be possible<\/a> through conversion to the national fiat currency by intermediaries.<\/p>\n

Crypto service providers such as these will be required to abide by the country\u2019s existing anti-money laundering rules, introduce identification and verification procedures and monitor financial transactions. Cryptocurrency exchanges will need authorization from the Ministry of Digital Transformation in order to operate legally in Ukraine, a leader in crypto adoption<\/a>. Companies dealing with virtual assets will be able to open bank accounts and seek judicial protection.<\/p>\n

Do you expect Ukrainian lawmakers to finally adopt the law \u201cOn Virtual Assets?\u201d Let us know in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nRegulation, adoption, bill, committee, Crypto, crypto exchanges, Crypto law, Cryptocurrencies, Cryptocurrency, deputies, digital transformation, draft law, Law, lawmakers, Legislation, parliament, President, recommendation, Regulations, service providers, Ukraine, ukrainian, veto, virtual assets, Volodymyr Zelensky, vote<\/p>\n","protected":false},"excerpt":{"rendered":"

The law \u201cOn Virtual Assets,\u201d Ukraine\u2019s attempt to regulate its growing crypto space, has been revised again and recommended for final adoption. A key parliamentary committee has given its support for the bill which was vetoed by the Ukrainian president this month. Ukrainian Deputies to Vote on Updated \u2018Virtual Assets\u2019 Law in November The saga…<\/p>\n","protected":false},"author":0,"featured_media":13766,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13765"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13765"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13766"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}