A legal market for virtual assets may appear in Ukraine. The Verkhovna Rada supported in the first reading draft law No. 10225-d, which provides for the legalization of the crypto market and defines the rules for its taxation.
The parliament's anti-corruption committee has already pointed out the danger of corruption abuses in the bill. In particular, the document grants the market regulator powers similar to the functions of pre-trial investigation bodies. This includes the right to inspect premises, obtain documents and data carriers, collect evidence and question witnesses.
The Main Scientific and Expert Directorate of the Verkhovna Rada also confirmed the presence of risks in such a model.
In response to criticism, the co-initiator of the bill, Danylo Hetmantsev, promised that he would review these norms before the second reading.
A key issue remains open: the bill does not specify which body will regulate the crypto-asset market. This, according to experts, creates the basis for potential abuse.
What does the bill provide for?
According to People's Deputy Oleksiy Zhmerenetsky, the bill is based on the European regulation of MiCA, but adapted to Ukrainian realities. The document provides for:
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licensing of crypto platforms, requirements for their capital, transparency and KYC procedures (“know your customer”);
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introduction of reporting rules for transactions;
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classification of virtual assets: cryptoassets, electronic money tokens (EMTs) and asset-backed tokens (ARTs).
They plan to make changes for the second reading, which will be developed jointly by the committees and the Ministry of Digital Transformation.
