Ukrainian Parliamentary Committee Approves Updated Virtual Assets Bill

The Committee on Digital Transformation of Ukraine recommended adopting the updated bill “On Virtual Assets” in the second reading.

Deputy Minister of Digital Transformation Alexander Bornyakov said that in the new text of the document the powers of the National Bank and the National Commission on Securities and the Stock Market (НКЦБФР) are defined more clearly and delineated. The latter are listed as regulators.

“The refinements to the bill will prevent potential difficulties in carrying out regulatory arbitration,” he noted.

The amendments will help avoid “misunderstandings” with participants in the virtual assets market and “numerous court disputes on related issues,” he added.

In April, the committee approved the previous version of the bill.

However, it was criticized by the National Bank and the National Commission on Securities and the Stock Market. The Verkhovna Rada’s Office of the Legal Department also recommended refining the bill.

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