The president of Ukraine, has halted the signing of the bill that would establish the nation’s regulatory framework around digital assets.
The draft law secured parliamentary approval in September. However, according to a statement issued by the presidential office, The president remitted the legislation back to the parliament alongside a number of proposed improvements.
The president’s major objection to the legislation in its current shape is the costliness of establishing a new regulatory body for digital asset oversight. According to the legislation, regulation of the virtual assets market is to be carried out by various state bodies depending on the type of such assets, particularly by creating a new executive body.
In lieu of creating a separate executive agency focused on digital assets, The president proposes to place them under the purview of the existing National Commission on Securities and Stock Market. The development appears to reflect the Ukrainian authorities search for the most practical implementation of a digital asset regulatory regime rather than a reversal of the nation’s way forward stance on crypto currency’s.
