Zelensky vetoes law on virtual assets

President Zelensky
returned bill #3637 on virtual assets to the parliament, his press service
reported on Oct. 5. The bill, approved by MPs
on Sept. 8,
determines and sets a regulatory framework on the issue, circulation and
exchange of virtual assets in Ukraine. The bill foresees that the regulation of
virtual assets should be done by three government bodies, including the
National Bank, State Securities and Exchange Commission and a new,
to-be-created body. Instead, Zelensky recommends that the parliament amend the
bill to avoid the creation of a new regulator, which “will demand large budget
expenses.” He offers that the virtual assets circulation be regulated by the
securities commission.

Alexander Paraschiy: There is logic in the president’s initiative to not multiply
regulatory bodies, especially taking into account that a third body that used to regulate
financial markers was liquidated just last year. Time will show whether the MPs
will be able to amend the bill and make the president bring it into law.