Cryptocurrency legalization. People’s deputies support the law on virtual assets

The Verkhovna Rada passed the law №3637 "On Virtual Assets."

The document was supported in the second reading by 276 people's deputies.

"The purpose of the Law is to comprehensively regulate the relations arising from the creation, release, and circulation of virtual assets, in particular, concluding and executing transactions with them, as well as ensuring legislative regulation of the principles of virtual assets market, in particular, providing a unified approach to trade virtual assets," the press service of the parliament noted.

According to the law, a virtual asset is an intangible asset that is subject to civil rights, has value, and is expressed in a set of data in electronic form. The existence and turnover of a virtual asset are ensured by the system of ensuring the turnover of virtual assets. A virtual asset can certify property rights, in particular claim rights to other objects of civil rights.

The law defines financial virtual assets:

• secured virtual asset, issued by a resident of Ukraine, secured by currency values (hereinafter SVA (SV));
• secured virtual asset, issued by a resident of Ukraine, secured by security or derivative financial instrument.

At the same time, the document states that virtual assets are not a means of payment in Ukraine and cannot be exchanged for property (goods), works (services).

The order of turnover in Ukraine of the SVA (SV) is established by the National Bank, and the turnover of the SVA (FI) is established by the National Commission on Securities and Stock Market of Ukraine.