Ukraine Legalized Cryptocurrency

On September 8, the Verkhovna Rada of Ukraine adopted the Law “On Digital Assets”, which approves the legal status of the digital assets in the country.

According to the website of the parliament, the law defines the concept of “digital asset” as an intangible good that is an object of civil rights, has a value and is expressed by a set of data in electronic form.

In addition, it provides for the regulation of legal relations with the circulation of digital assets in Ukraine, establishes the rights and obligations of market participants, as well as the principles of state policy in the field of virtual assets.

A system for ensuring the circulation of digital assets will be created. Holders of digital assets will be able to use them to certify property rights, in particular the right to claim other objects of civil rights.

The law establishes the general principles of state regulation of the circulation of virtual assets and the bodies that will monitor and regulate these assets.

The powers of the National Bank of Ukraine in the field of circulation of digital assets, the National Commission on Securities and Stock Market in the field of circulation of digital assets and the State Register of service providers related to the circulation of digital assets have been determined.

Control over the implementation of legislation in the field of circulation of digital assets will be carried out by the central executive body that implements the state policy in the field of circulation of digital assets, and other state bodies within their powers and in accordance with the Constitution and laws of Ukraine.

The general principles of international cooperation in the field of circulation of digital assets and the powers of state bodies to ensure international cooperation in the field of circulation of digital assets and the procedure for implementing such cooperation are also defined.

In addition to all above, this law introduced a number of changes to some legislative acts, including Section III of the Civil Code supplemented by Chapter 15.1 “Digital Assets”.

Earlier, Ukrainian President Volodymyr Zelenskyy signed the Law on Payment Services, officially allowing the country’s National Bank to issue digital hryvnia (CBDC).

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