Ukraine’s president sends back crypto bill, insists on revision
Ukrainian President Volodymyr Zelensky has returned a cryptocurrency bill that establishes a comprehensive regulatory system for crypto assets, news media The Block reported on Wednesday.
As per the announcement, the president has cited the cost of establishing a new regulatory body as the stumbling block and wants Ukraine’s National Commission on Securities and Stock Market to become the main crypto regulatory body.
The current version of the bill, approved by the Ukrainian parliament in September, required the Ministry of Digital Transformation to regulate cryptocurrencies, the National Commission on Securities and Stock Market to regulate stablecoins, and the National Bank of Ukraine to issue Central Bank Digital Currency (CBDC).
The bill offered a legal basis for holding and trading ‘digital assets’ such as cryptocurrencies and stock tokens and aimed to create a sound trading environment and opportunities for businesses to enter the market.
Taking into account the regulations, the bill complied with the travel rules of the Financial Action Task Force along with introducing Anti-Money Laundering measures.
However, President Zelensky has recommended revisions in the bill specifying concerns over the burden on the national budget:
“The creation of a new body, as provided by this law, will require significant expenditures from the state budget. Therefore, Volodymyr Zelensky proposes to include the regulation of the circulation of virtual assets in the competence of the National Securities and Stock Market Commission.”
Ukraine has been trying to promote cryptocurrencies in order to attract foreign investment. The country revealed plans to give preferential tax treatment to crypto-related businesses, asking to pay only 5% of the company profits.
Energoatom, a state-owned nuclear power company, and a private company are also collaborating on the project to build a Bitcoin mining facility next to multiple nuclear power plants in Ukraine.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
