On September 6, the Parliament of Ukraine adopted in the second reading the draft law “On virtual assets” regulating operations with cryptocurrencies in the country.
- The law will take effect after the adoption of amendments to the Tax Code relating to the taxation of transactions with virtual assets.
- The document stated that intangible assets are recognized as intangible benefits, and they are categorized into secured and unsecured benefits.
- Virtual assets (Vas) are not means of payment in Ukraine and cannot be exchanged for property or purchase of services.
- In the new law, market participants obtained the right to judicial protection of the rights to VA, opening bank accounts for settlements on transactions with VA, and to independently determine and set the value of VA during transactions.
- The document introduces the definition of a virtual financial asset, the issuer of which must be a resident of Ukraine.
The VAs can be backed by currency virus, whereby the turnover is regulated by the National Bank as well as securities are regulated by the National Commission on Securities and Stock market.
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Source: The Verkhovna Rada of Ukraine