Today, President of Ukraine Volodymyr Zelenskyy has inked the Law of Ukraine "On Virtual Assets", which was adopted by the Verkhovna Rada of Ukraine on February 17.

It creates conditions for the launch of a legal market for virtual assets in Ukraine. The new market will be regulated by the National Commission on Securities and Stock Market.

The signed Law:

• determines the legal status, classification and virtual assets ownership rights;

• determines market regulators - the National Bank of Ukraine and the National Commission on Securities and Stock Market;

• creates conditions for further formation of the legal field in the market of virtual assets;

• determines the list of providers of virtual assets and conditions of their registration;

• provides for the implementation of financial monitoring measures in the sector of virtual assets.

The National Commission on Securities and Stock Market will pbe responsible for the following activities:

• shaping and pursuing state policy in the field of virtual assets;

• determining the procedure of turnover of virtual assets;

• issuing permits to virtual asset service providers;

• carrying out regulation, supervision and financial monitoring in this area.

Until now, the Ministry of Digital Transformation has been developing the legal framework in this area. Together with industry representatives, they drafted the bill. Currently, the Ministry of Digital Transformation is also actively working to amend the Tax and Civil Codes of Ukraine to fully launch the virtual assets market.

The signed Law enters into force on the date of entry into force of the Law of Ukraine on Amendments to the Tax Code of Ukraine on the peculiarities of taxation of virtual asset transactions.

The signing of this Law by the President is another important step towards bringing the cryptocurrencies sector out of the shadows and launching a legal market for virtual assets in Ukraine.