Ukrainian Parliament backs bill on virtual assets in first reading

On 2 December, the Verkhovna Rada of Ukraine, in its first reading, backed in principle the bill on virtual assets, regulating cryptocurrency operations within the country.

The bill was backed by 230 lawmakers. One voted against, 68 abstained.

The bill classifies virtual assets (VA) as intangible property.

The market regulator function is vested in the Ministry of Digital Transformation, and in certain cases — in the National Bank and the National commission on Securities and the Stock Market.

Experts estimate that the daily volume of cryptocurrency transactions in Ukraine is around $150-200 million. One of the document’s authors, deputy Oleksiy Zhmerenetsky, noted that the bill would allow crypto companies to pay taxes and would enable foreign firms to cooperate with Ukrainian banks and invest in the sector.

“The document takes a comprehensive approach to virtual assets, not viewing them solely as crypto assets or cryptocurrencies. It defines basic concepts related to virtual assets, the list of VA service providers, and the procedure for their registration,” said Zhmerenetsky.

The bill complements the previously adopted law implementing FATF norms to counter money laundering and the financing of terrorism.

Earlier, the bill on virtual assets was first presented for public discussion in May 2020. It was met with criticism at the time.

In September, the document was updated and registered in the Verkhovna Rada.

At the end of October, the Verkhovna Rada Committee on Digital Transformation backed the bill in a parliamentary vote.

For details on what the bill on virtual assets will change for cryptocurrency holders, read ForkLog’s article.

Ukraine will legalise Bitcoin: what the bill on virtual assets will change for cryptocurrency holders

Subscribe to ForkLog’s news on Telegram: ForkLog Feed — all the news feed, ForkLog — the most important news and polls.