President of Ukraine Volodymyr Zelenskyy proposed to abandon the creation of a new body to regulate the cryptocurrency market and returned the draft law “On virtual assets” to the Verkhovna Rada for revision.
According to the press service of the Office of the President of Ukraine, the attention of the head of state was attracted by the paragraph of the bill, which states that the regulation of the cryptocurrency market is carried out by various state bodies, depending on the type of assets, including through the creation of a new executive body.
According to the bill, the National Service for the Regulation of the Circulation of Virtual Assets (NSVA) was to become such a body. It was planned that the regulator would issue permits for the activities of cryptocurrency companies on the territory of Ukraine.
However, according to Zelensky, the creation of a new state body will require serious costs. Therefore, the head of state made a proposal to authorize the National Commission for Securities and Stock Markets (NSCSSM) and the National Bank of Ukraine to ensure the regulation of cryptocurrencies.
The President believes that in this matter it is necessary to take advantage of the global experience of regulating cryptocurrencies, where the role of control over the market is entrusted to financial regulators in order to prevent fraud and the creation of financial pyramids using digital assets. The creation of a new state body will not provide transparent conditions for all market participants and will not be able to adequately protect their rights.
The Verkhovna Rada of Ukraine adopted Bill No. 3637 “On Virtual Assets” last month. The legislative document regulates the release, circulation and execution of transactions using cryptocurrencies, as well as endows them with a legal status in the state. Earlier, Deputy Minister of Digital Transformation of Ukraine Oleksandr Bornyakov spoke about the details of the draft law “On virtual assets” intended to regulate the cryptocurrency market.
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