Ukraine’s parliament, the Verkhovna Rada, adopted a law on virtual assets on Thursday, referring regulation of the market to the National Securities and Stock Market Commission and the National Bank of Ukraine (NBU).
The law classifies services related to the circulation of virtual assets as financial services and is subject to presidential amendments, Interfax-Ukraine reported.
Ukraine adopted the same law in September 2021, although it was then vetoed by the country’s President who proposed amendments, including the regulation of virtual asset transactions by the country’s stock market regulator.
Rusland Magomedoc, head of the National Securities and Stock Market Commission said the president proposed referring the regulation of the market to existing regulators, as the sources of covering the costs of creating a new regulatory body have not been determined.
“Therefore, the President proposes to refer the activities and regulation of the virtual assets market to the competence of the already existing financial regulators – the National Securities and Stock Market Commission and the National Bank of Ukraine,” Magomedov said.
