Security risks and the lack of a regulator. What does the draft law on crypto assets bring?

A new draft law on the regulation of the circulation of virtual assets in Ukraine may replace the law on virtual assets adopted by the Ukrainian parliament in September 2021, which has not yet entered into force. The Committee on Finance, Taxation and Customs Policy supported it and recommended it for consideration by the Parliament in the first reading on April 24.

Focus on MEAs

In a commentary to LIGA.net , Ruslan Magomedov, Chairman of the National Securities and Stock Market Regulatory Commission (NSSMC), noted that the new draft law was developed on the basis of the Commission's long-standing developments.

"But in the form it was presented to the Committee, after being finalized, it looks like there is still something to change. And a lot of it. The most important thing here is that there are still many inconsistencies with the MCA (Markets in Crypto assets, a document that provides for the regulation of virtual assets in the EU – Ed.) That is, it will not meet the requirements for European integration that are imposed on legislation in this area," says Magomedov .