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Friday, September 30, 2022

Ukraine’s President Rejects Crypto Bill, Demands Changes

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According to an announcement on the president’s website, Zelensky returned country’s first cryptocurrencies bill to parliament for changes. so that the National Commission on Securities and Stock Market, becomes the main crypto regulator. The current regulation bill has the Ministry of Digital Transformation regulating cryptocurrencies, the National Commission on Securities and Stock Market regulating digital assets backed by securities and the National Bank of Ukraine in charge of central bank digital currency (CBDC) issuance.

Ukraine’s cryptocurrency bill, first introduced to the parliament last summer, was created with the suggestions from the local local crypto community. The document passed a second hearing in September and was sent to Zelensky for signing into law.

“In particular, the public reports of the International Organization of Securities Commissions (IOSCO) state that certain types of Non – physical assets contain, in their economic essence, features characteristic of financial instruments. Regulation of issuance of such types of non – physical assets should be carried out by financial market regulators, as this function is specific to them,” said the president’s message to parliament,

The new crypto bill defines legal ownership of a digital asset as control over its keys, unless they were stolen or held by a custodian, either due to an agreement with the owner or a court decision. The document also details basic rules of operation for businesses working with digital assets in Ukraine.

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