Digital currencies: Bill on virtual assets passes first reading

The Verkhovna Rada of Ukraine, the country's parliament, has passed at first reading a bill "On Virtual Assets," which could pave the way for a new legal structure to regulating the digital currency sector. The bill is yet to proceed through two further legislative steps before potentially being signed into law, Coingeek reports. Ukraine could thus join several other jurisdictions in having dedicated laws to digital currency after being noted to be one of the world's most forward-thinking countries in this regard. Under the new rules submitted for vote, the Ministry of the Digital Transformation will be tasked with regulating digital currencies, while cryptocurrency companies shall register and obtain a relevant license from the regulator. Companies will also be required to file comprehensive data on anti-money laundering measures, protecting user data and their beneficial ownership and legal structures. According to the Ministry of the Digital Transformation, the new regime would help support digital currency businesses in Ukraine, and would help attract companies to the country's market. The bill will now be subject to further scrutiny before MPs ultimately decide on whether the bill should become law.

Digital currencies: Bill on virtual assets passes first reading

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