Ukraine will revise the Law on Virtual Assets, including crypto asset management, in order to align the country’s legislation with European standards.
The prepared revision shows that virtual asset legislation will undergo a major change. The most striking part of this legislative change will be the part about cryptocurrencies. The developments of the country’s administration in the field of crypto attract attention. According to a report by Chainalysis, Ukraine ranks third among the countries adopting cryptocurrencies.
Ukraine to Revise Virtual Asset Law
The upcoming revision includes studies on virtual assets that will also affect the use of cryptocurrencies. The new law model is planned to comply with the European Union’s Crypto Asset Markets law.
Ukraine, which is a candidate country in the European Union, needs to adapt its legislation to European standards in order to ensure its permanent membership. The new version of the Virtual Assets Act will bring with it the appropriate use of cryptocurrencies and the requirement for providing exchanges to provide assurance.
The National Securities and Exchange Commission, the National Bank of Ukraine and industry leaders are working on new revision clauses. The Ministry of Digital of Ukraine made the following statement;
“The overhaul can revolutionize virtual assets. Initial proposals for the Virtual Assets Act will also be considered.”
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