New crypto law legislated by Ukrainian lawmakers comes under debate before the country’s Parliament. The first round of debate hearing goes in favor of the new law.
A news confirmed that the lawmakers of Ukraine had recently drafted a proposed law regarding crypto in the country. The Draft Bill was later on presented before the Ukraine’s Parliament which undertook its initial hearing. It has been told that the first hearing had obtained thumbs-up from the majority of the Parliamentarians on 2nd December 2020. However, there are still two more Parliamentary hearings to take place before the law can be passed and implemented upon.
If the law is able to obtain the endorsement of Parliamentarians in the next two hearings, then the law will be officially issued. Thereafter, Ukraine too will be able to join the group of nations that had already developed a regulatory framework/structure for crypto industries.
Ukraine is currently regarded as the leader amongst all countries in terms of the mass-adoption of cryptocurrencies. This title was given to Ukraine in September this year by a top-ranked blockchain analyst entity called Chainalysis. The analyst firm noted that Ukrainians were ahead of every nation when it comes to using cryptocurrencies vigorously. Chainalysis also pointed out that many Ukrainians had been found to be holders and investors of crypto. The number of cross-border transactions done through cryptocurrencies in Ukraine is higher than any other country, told Chainalysis.
However, some of the Parliamentarians showed their dissatisfaction regarding the new law during the initial hearing. According to them, there are several other important matters over cryptocurrencies that need immediate attention. Most of them complained that Ukraine should be more concerned about developing the Covid-19 vaccine instead of drafting digital currency laws. Few even highlighted the deteriorating domestic economy and urged the Government to concentrate on strengthening the economy.
But at the end of the hearing, a total of 229 votes were received in favor of the law. A total of 111 votes went against the law. The total number of votes was 340 which meant that the majority of votes were in favor of passing the law.
The Draft Bill defined “digital assets” to mean “a source of data available electronically”. The definition further described digital assets as something which can be traded electronically as an independent financial instrument for public transactions. However, the law had categorically not defined digital assets to mean “legal tender”.
The law had further included digital assets and by-products to mean a “property” or “non-property rights”. This provision had been provided to enable digital asset owners to institute a case in the country’s courts. In case any digital asset owner had been deprived of his property, then he can seek appropriate relief through the court.
Further, the proposed law provided that the crypto industry will be exclusively governed by the country’s Ministry of Digital Transformation.