Ukraine president sends crypto bill back to parliament for revisions

On Oct. 6, Ukrainian President Volodymyr Zelensky’s office returned to parliament a bill that would establish a comprehensive regulatory regime for digital assets.

The president’s office cited the main issue as being about the proposal to create a new crypto regulator, as it would be expensive.

"According to the provisions of the law, the creation of new institutions will require significant expenditures from the state budget.

As a result, the president suggested that the regulation of the circulation of virtual assets be brought under the purview of the National Securities and Stock Market Committee. The National Securities and Stock Market Committee is the equivalent of Ukraine’s Securities and Exchange Commission, but it is itself underfunded. As of 2019, the most recent year for which data was released, the committee’s budget was just over 135 million hryvnias, or about $5 million. Previously, Ukraine’s parliamentary body, the Verkhovna Rada, approved its version of the crypto bill on September 8.