Revised 'Virtual Assets' Law Aims To Regulate Ukraine's Crypto Space This Summer

The Ukrainian parliament has published an updated version of the draft law "On Virtual Assets". The revised bill requires exchanges to obtain government approval, disclose their ownership, and enforce mandatory KYC procedures. The document has been criticized by regulators in Kiev, but the government wants the law to be passed by parliament before the summer break. Ukrainian lawmakers have revised the draft law designed to regulate the country's growing crypto space. Lawmakers have discussed a number of changes since December when it was voted on at the first reading in the Verkhovna Rada, the Ukrainian parliament. The most recent version of the document was released this week by the Parliamentary Digital Transformation Committee, which recommended its adoption. The bill recognizes a virtual good as an "intangible good" that has value and is an "object of civil circulation," Forklog reported. Virtual assets can "approve proprietary or non-property rights", including "rights to claim other civil rights objects", which is the detailed release. The design also distinguishes between financial instruments and virtual assets backed by currency. One of the most important regulations concerns cryptocurrency exchanges and exchangers. In order to operate legally, they must be authorized by the Ministry of Digital Transformation. Crypto service providers are required to disclose their ownership structures and monitor financial transactions to prevent money laundering. Permits are valid for one year. Russian platforms are not allowed to do business in Ukraine. Another important aspect is the introduction of mandatory identification and verification procedures. As part of the know-your-customer (KYC) process, individuals are required to provide information about their identity, bank account and electronic wallet. Companies will also have to share their company registration numbers. trading platforms

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    ETX Capital 0.6pips (variable) margin: 3.33%
  • Back to top