On February 17, 2022, Ukraine’s parliament passed the long-awaited law “On Virtual Assets” (the Law) for the second time after it was vetoed by the President of Ukraine.

While there is no official text, according to the information and drafts available at the Rada’s website it appears that, the Law was not substantially changed in substance, but reflects the following president’s proposals:

• Regulating authorities in respect of virtual assets market in Ukraine would be shared between the National Bank of Ukraine (responsible for regulation of virtual assets secured by currency values) and the National Securities and Stock Market Commission (the NSSMC) (all other virtual assets); and
• Professional capital markets participants would be allowed to provide services related to circulation of virtual assets without specific permits entailed by the Law.

For more information about the core provisions of the Amended Law, please refer to our previous newsletter here.