Virtual Assets Legalized in Ukraine

by Olha Povaliaieva
Friday, February 18, 2022
Virtual Assets Legalized in Ukraine

The law aims to bring assets out of the shadows and protect currency holders

On February 17, the law On virtual assets, adopted on September 8, 2021, came into force.

“The new law provides additional opportunities for business development in our country. Foreign and Ukrainian crypto companies can operate legally, and Ukrainians will get convenient and secure access to the global virtual asset market. Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. A transparent mechanism for" rel="dofollow">investing in a new asset class will appear”, Mikhailo Fedorov, minister of digital transformation.

The National Securities and Stock Market Commission and the National Bank have been appointed regulators of the virtual assets market. How the roles are distributed:

  • The National Bank will control the turnover of assets;
  • The National Commission will ensure control over assets and derivative financial instruments (securities), form a policy and order in the field of virtual assets.

The law created the basis for the legal functioning of Ukrainian and foreign crypto exchanges and bank assistance in opening accounts. Consequently, participants in the virtual asset market can declare their financial receipts.

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