Ukraine Adopts Law on Virtual Assets
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Sept. 8, 2021

The Ukrainian parliament has just adopted the draft law "On virtual assets" regulating crypto operations in the country. The document has received the support of 276 deputies.

The law will come into force after the introduction of amendments to the Tax Code related to taxation of transactions with virtual assets.

According to the document, virtual assets are recognized as an intangible benefit. They are divided into secure and non-secure.

Virtual assets do not act as a means of payment in Ukraine and cannot be exchanged for goods or services.

From now on, market participants are entitled to judicial protection of rights related to virtual assets, to open bank accounts for settlements in transactions with virtual assets, as well as to independently determine and establish the value of virtual assets in transactions.

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

The document presents the definition of financial virtual assets, the issuer of which must be a resident of Ukraine. These may be collateralized by currency securities; in this case, the turnover is regulated by the National Bank, as well as by securities or derivatives, which are regulated by the National Commission on Securities and Stock Market.

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