The updated draft law included measures such as ownership disclosure, making KYC procedures mandatory, and the need to obtain government authorization. 

The Digital Transformation Committee of the parliament recommended the adoption of the updated version, which they released just this week. 

Stricter measures

The draft law provided specific definitions of virtual assets, which include “intangible good”, an object of civil circulation, something that can “certify property to non-property rights” and “rights to claim other objects of civil rights.” 

One of the major regulations that the bill suggests revolves around cryptocurrency platforms and exchanges. 

According to the bill, crypto-related companies would be required by law to obtain approval from the Ministry of Digital Transformation. 

They are also required to present their ownership structure and show their financial transactions, which would drastically decrease the possibility of illegal actions. 

Criticisms on the draft

Representatives from the National Securities and Stock Market Commission (NSSMC) and the National Bank of Ukraine (NBU) criticized the modifications on the bill.

According to them, more changes are needed because the current bill is still filled with many loopholes and errors that would certainly cause serious problems. 

They also added that the bill didn’t clearly define the specific roles of regulators and the mechanism for coordinating market activities is not clear. 

Another criticism that the bill received is that it is not in line with international standards and lacks clear protection for investors against illegal activities. 

The MDT, which proposed the modified bill, assured officials that the contents of the bill serve the best interest of the country. 

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/bitcoin/ukraine-parliament-modifies-virtual-assets-bill-to-regulate-cryptocurrencies/