Rada adopts law on virtual assets with president’s proposals

The Verkhovna Rada has adopted, taking into account presidential amendments, the law on virtual assets, which refers this market to the regulation of the National Securities and Stock Market Commission and the National Bank of Ukraine (NBU).

Some 272 deputies supported Bill No. 3637 at the regular plenary session on Thursday at the second reading with the required 226 votes.

Head of the National Securities and Stock Market Commission Ruslan Magomedov noted that the president proposed to attribute this market to existing regulators, since the sources of covering the costs of creating a new 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, speaking from the rostrum of the parliament.

The law, subject to presidential amendments, classifies services related to the circulation of virtual assets as financial services. As noted by the main scientific and expert department of the Verkhovna Rada apparatus, the document, taking into account the presidential proposals, involves cooperation between the two regulators of such services, but it is not indicated by the provisions of which legislative act they will be guided in matters of cooperation and coordination in this area – this law or the law on financial services and state regulation of the financial services market.

Source: www.en.interfax.com.ua