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Ukraine to bring regulatory regime for digital assets

Ukraine to bring regulatory regime for digital assets 2

A new crypto regulatory regime is ready to get into effect under the proposal of the official lawmakers of the Ukraine.

In the present time crypto regulation is at high level in Ukraine. Because on one hand, Ukraine’s authorities announced that they will bring a legal framework on the regulation of the digital assets market. But still they are working to bring perfect rules. Due to the absence of any responsible regulatory body over crypto, Ukraine needed to bring a regime as fast as they can.

Read also: National Bank of Ukraine hiring blockchain developers

On 6 October, the office of Volodymyr Zelensky & President of Ukraine returned to bill. Bill ensures the making of a new regulatory body for the crypto market.

There are some budget issues because the new authority needed funds. A bill proposed by the lawmakers suggested that they will take it from the National Securities and Stock Market Commission.

“The creation of a new body, as provided by this law, will require significant expenditures from the state budget. Therefore, Volodymyr Zelensky proposes to include the regulation of the circulation of virtual assets in the competence of the National Securities and Stock Market Commission.”

Right now, the budget fund of The National Securities and Stock Market Commission of Ukraine is around $5 million dollars. The National Securities and Stock Market Commission has almost the same role as the US securities and exchange commission. 

On 8 September, the Ukraine’s parliamentary body Verkhovna Rada approved this bill version. Right now, regulators of Ukraine are in efforts to bring a formal regime to bring regulation on the crypto industry of Ukraine by the end of this year.

Read also: Stablecoins should follow Traditional Payments Rules : BIS

Source: Ukraine to bring regulatory regime for digital assets

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