The press service of the head of state notes that according to the adopted version of the law, the regulation of the virtual assets market is carried out by various state bodies depending on the type of such assets, including through the creation of a new central executive body.
However, the creation of a new body will require significant expenditures from the state budget, the OP noted.
The President suggested that the already existing regulator, the National Commission for Securities and Stock Market (NSSMSC), should deal with virtual assets.
People’s deputies adopted the law “On virtual assets” September 8, 2021. The law should streamline the legal regulation of the virtual assets (cryptocurrency) market and their participants.
National Bank of Ukraine does not recognize cryptocurrencies, but operations with them are not legally prohibited. After the adoption of the law on the legalization of cryptocurrency in Ukraine, it became possible to create a transparent market for virtual assets, said the head of the National Bank Kirill Shevchenko. He then reported that The National Bank is exploring the possibility of issuing own digital money.
In September 2020, the Ministry of Digital Transformation of Ukraine, citing data from analysts at the blockchain company The Chainalysis, reported that Ukraine has the most use of virtual assets by the population in the world.
The high performance of Ukraine in the virtual asset market in the Ministry of Digital Science is explained, in particular, by a large community of blockchain developers (one of the three in the world) and a high level of digital awareness of the population.
As of June 2021, Ukraine is in the top 10 countries where investors will be in 2020 earned the most on bitcoin.