Expert dialog: Results of the public discussion of the draft law on the virtual assets market in Ukraine

The NSSMC (National Securities and Stock Market Commission) held a regular meeting of the Advisory Council on the Regulation of Virtual Assets and summarized the results of public discussions of the draft Law of Ukraine on Amendments to the Tax Code of Ukraine and Other Legislative Acts of Ukraine Regarding the Regulation of the Turnover of Virtual Assets in Ukraine.

The NSSMC’s leadership, the expert group, and partners from Ernst & Young, with the support of the USAID Project Financial Sector Reform, held a substantive discussion on professional comments to the draft law, which provides for the implementation of the EU regulation on cryptoasset markets, the MiSA. In total, the NSSMC received about 200 comments, some of which were taken into account. The roadmap for further implementation of the draft law on virtual assets was also discussed.

«We have completed an important stage in the work on the draft law on launching the virtual asset market in Ukraine – we have gathered professional expertise, heard all stakeholders in this process and worked out a large array of key issues», said Yurii BoIko, Commissioner.

For his part, Maksym Libanov, Commissioner, said: «The finalized text will soon be sent to the relevant authorities for approval. We hope to receive prompt feedback from our colleagues to ensure that the draft law is submitted to the relevant committee as soon as possible».

It is worth reminding that the structure of the draft law consists of the following main layers:
– amendments to the Tax Code of Ukraine
– a new version of the Law of Ukraine on Virtual Assets
– amendments to other legislative acts.

We are grateful to market experts, government stakeholders, and representatives of the deputy corps for their professional expertise and involvement in the preparation of the draft law on virtual assets. In the near future, the text will also be made available to members of the Advisory Board.