16:53 19.05.2020

Ministry of Digital Transformation ready to be regulator in circulation of virtual assets

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The Ministry of Digital Transformation of Ukraine has proposed a bill on virtual assets to the public for discussion. According to the bill, the ministry will act as the central executive power body implementing the state policy in the sphere of circulation of virtual assets.

The ministry said on Tuesday that the bill determines the legal status of virtual assets, their use and circulation on the Ukrainian market, sets legal relations on the virtual asset market and regulates the rules of their issue.

As reported, the Council for Financial Stability at a meeting on July 20, 2018 supported the concept of regulating operations with crypto currencies presented by Head of the National Securities and the Stock Market Commission of Ukraine Tymur Khromaev.

This concept involves the recognition of certain categories of crypto currency and tokens as financial instruments, the role and functions of state bodies in regulating the circulation of these instruments, regulates exchange, sale and purchase of crypto currencies and procedures for initial coin offering (ICO).

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