“# Ukrainian president returns virtual asset bill to parliament for revision ”
As per the statement, 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. The creation of a new body, as provided by this law, will require significant expenditures from the state budget.
In lieu of creating a separate executive agency focused on digital assets, Zelensky proposes to place them under the purview of the existing National Commission on Securities and Stock Market, a watchdog agency that is, according to its charter, “subordinated to the President of Ukraine and accountable to the Verkhovna Rada,” the nation’s parliament.
The development appears to reflect the Ukrainian authorities’ pragmatic search for the most practicable implementation of a digital asset regulatory regime rather than a reversal of the nation’s forward-looking stance on crypto.
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