Zelensky Suspends Consideration of Cryptocurrency Law: Causes and Consequences
Date: 2025-05-12 Author: Oliver Abernathy Categories: IN WORLD
The President of Ukraine Volodymyr Zelensky has temporarily postponed consideration of the bill on cryptocurrency regulation. This was reported by People's Deputy Yaroslav Zheleznyak, noting that the initiative was excluded from the agenda of the Verkhovna Rada immediately after a meeting in the President's Office.
According to Zheleznyak, it was Zelensky who decided to remove the document from consideration, and sources point to possible influence from the head of the National Securities and Stock Market Commission (NSSCMC) Ruslan Magomedov. The deputy claims that it was Magomedov who insisted on the complete withdrawal of the bill, despite the fact that the Ministry of Finance, the NBU and financial monitoring also had comments, but were ready to make amendments for the second reading without interfering with the legislative process.
Magomedov, according to Zheleznyak, put forward a number of claims to the document. Firstly, he pointed out the inconsistency of the draft law with the European MiCA regulation, in particular, the lack of authority of the Commission for the Regulation of Tokenized Securities, which, in his opinion, could affect the European integration processes of Ukraine. Secondly, the text of the document was not approved by the Financial Stability Council and the country's foreign partners. In addition, the draft contains provisions allowing the activities of unauthorized providers on the Ukrainian market, which, according to Magomedov, could open the way for Russian financial structures disguised as foreign companies.
He also proposed sending the draft law for evaluation to law enforcement agencies, including the SBU, to check for possible risks associated with the sanctions policy.
Zheleznyak reacted sharply to the actions of the head of the NCSMFR, accusing him of manipulation and an attempt to provide leverage to the special services, which, in his words, "protect the illegal market." He emphasized that the lack of clear regulatory rules hinders the development of the Web3 sector, leaves the state without tax revenues and creates grounds for pressure from law enforcement agencies on market participants.
The parliamentarian promised to continue the fight for the adoption of the law, and also expressed hope that pressure on the authorities will help overcome corrupt interests and achieve the approval of balanced and transparent legislation.
Earlier, in April, the Tax Committee of the Verkhovna Rada had already approved the draft "On Virtual Assets" and recommended it for the first reading.
