Ukraine passes bill "On virtual assets"

Ukraine has taken the first step towards legalizing cryptocurrency in the country by adopting in the first reading the Law “On Virtualassets”.

The document regulates the legal status of digitalassets and legal relations when using them, defines the basic concepts of the market for virtual assets (VA), provides a list and conditions for registration of providers of such services. 

The law defines virtual assets as intangible goods.

The main regulator of the blockchain industry is the Ministry of Digital Transformation, which is responsible for the formation and implementation of the state policy regarding the cryptocurrency market of the country.

The document spells out the basic requirements for operators of the virtual assets market, the order of their mandatory state registration for storage, exchange, transfer and provision of intermediary services.

IA, secured by financial instruments, are allocated to a separate group. The National Commission on Securities and the Stock Market is charged with regulating them.

According to the deputies, the adoption of a basic law for the virtual asset market will allowparticipants of the cryptocurrency market to get "out of the gray zone" and pay taxes to the treasury.Analysts estimate the daily volume of cryptotransactions in Ukraine to 200 million dollars.In addition, the legalization of virtual assets will attract foreign investors andthey have the opportunity to work with Ukrainian financial institutions in the legal field.

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