Draft Law “On Tokenized Assets and Crypto-Assets” Registered in Ukraine

Yesterday, on November 5, 2020, the Draft Law “On Tokenized Assets and Crypto-Assets” was registered in the Verkhovna Rada of Ukraine aimed at regulating relations arising out of use of virtual assets, in particular those that exist in the digital data accounting system based on the distributed ledger technology.

This Draft Law is the result of joint work of the members of the NGO “Research Center of Economic and Legal Solutions in the Area of Application of Distributed Ledger Technologies”, specialists from Simcord, People’s Deputies and representatives of various fields of academia of Ukraine.

The Draft Law “On Tokenized Assets and Crypto-Assets” №4328 dated November 5, 2020:

• classifies virtual assets of the distributed ledger;
• allows regulating operations with all known types of virtual assets of the distributed ledger;
• establishes legal framework for virtual assets of the distributed ledger;
• determines legal status of subjects in the field of virtual assets;
• allows assigning state bodies that will regulate relations in the field of virtual assets of the distributed ledger;
• and more.

The adoption of the Draft Law “On Tokenized Assets and Crypto-Assets” will allow attracting both domestic and international investments using virtual assets of the distributed ledger into national economy, as well as opening new opportunities for developing socioeconomic relations based on the application of virtual assets in various activities.

This Draft Law proposes simple and clear state instruments: classification of virtual assets of the distributed ledger, strict integration with the adopted accounting standards to classify virtual assets of the distributed ledger as current and non-current assets, use of the current framework for banking and taxation, circulation of securities, etc.

Everything mentioned above will create conditions in which Ukraine will see the development of a new market of tokenized assets and services, as well as the emergence of new systems for accounting such assets, which will cause the formation of a new digital economy based on progressive information platforms.

You can read the Draft Law of Ukraine “On Tokenized Assets and Crypto-Assets” №4328 dated November 5, 2020 by following this link http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=70353

Originally published at https://www.bitbon.space.