Ukrainian president returns digital asset invoice to parliament for revision
Volodymyr Zelensky, president of Ukraine, has delayed the signing of the invoice that will set up the nation’s regulatory framework round digital belongings. The draft regulation, entitled “On virtual assets,” secured parliamentary approval on Sept. 8. However, in accordance with an Oct. 5 statement issued by the presidential workplace, Zelensky remitted the laws again to the parliament alongside a variety of proposed enhancements.
As per the assertion, the president’s main objection to the laws in its present form is the costliness of creating a brand new regulatory physique for digital asset oversight:
According to the laws, regulation of the digital belongings market is to be carried out by numerous state our bodies relying on the kind of such belongings, significantly by creating a brand new government physique. The creation of a brand new physique, as offered by this regulation, would require important expenditures from the state finances.
In lieu of making a separate government company targeted on digital belongings, Zelensky proposes to put them beneath the purview of the prevailing National Commission on Securities and Stock Market, a watchdog company that’s, in accordance with its charter, “subordinated to the President of Ukraine and accountable to the Verkhovna Rada,” the nation’s parliament.
The growth seems to replicate the Ukrainian authorities’ pragmatic seek for essentially the most practicable implementation of a digital asset regulatory regime reasonably than a reversal of the nation’s forward-looking stance on crypto.