Law on Virtual Assets is Passed in Ukraine

Reading Time: < 1 minute

The Verkhovna Rada of Ukraine has adopted today the draft law “On virtual assets,” which regules operations with cryptos in the country, with the support if 276 deputies.

According to the document, virtual assets (VA) are recognized as intangible goods. They are divided into secured and unsecured.

VAs are not a means of payment in Ukraine and cannot be exchanged for property or services.

Market participants have now obtained the right to judicial protection of the rights to VA, to open bank accounts for settlements on transactions with VA, as well as to independently determine and set the value of VA in the course of transactions.

They are also required to comply with AML and anti-terrorist financing laws.

The document introduces the definition of financial VA, the issuer of which must be a resident of Ukraine. They can be backed by currency values ​​- in this case, the turnover is regulated by the National Bank, as well as securities or derivatives – regulated by the National Commission on Securities and Stock Market.