Ready for Change: Revisiting the Virtual Asset Law
Date: 2024-05-13 Author: Gabriel Deangelo Categories: IN WORLD
On May 14, a meeting of the Working Group is scheduled in the Verkhovna Rada of Ukraine, which is working on changes to the country’s legislation. One of the key issues on the agenda will be the discussion of proposals to amend the law on virtual assets.
The working process
According to the press service of the Office of the Verkhovna Rada of Ukraine, the meeting will be held via videoconference and will be devoted to discussing proposals to amend seven laws included in the draft law on amendments to certain legislative acts. These changes will be a response to the adoption of the Law “On Administrative Procedure”.
Plans and Prospects
The working group will also consider proposals for ten laws that require further development to bring them into line with the new law. Among them will be a bill on virtual assets, which requires special attention.
The Working Group meeting is being held with the assistance of the EU Project “Supporting Comprehensive Public Administration Reform in Ukraine” (EU4PAR2), which demonstrates interest in improving legislation in the field of virtual assets.
Strategy and Commitment
These changes to the legislation on virtual assets form part of Ukraine's strategy to modernize legislation and are in line with the requirements of the International Monetary Fund (IMF), which has called for the completion of legislation in this area by the end of 2024.
These changes are part of a broad reform plan that includes regulation of cryptocurrencies and other innovations aimed at improving the country's legal infrastructure.
Working Group Plans
The Verkhovna Rada of Ukraine is preparing to discuss proposed changes in legislation relating to the regulation of virtual assets. On May 14, a meeting of the Working Group is scheduled to be held, which is developing a project to amend some legislative acts.
The purpose of the meeting is to discuss proposals for changes to 7 legislative acts, including the law “On Virtual Assets”. These changes are designed to take into account the new law “On Administrative Procedure”, adopted earlier.
Next Steps
Representatives of the Working Group will also discuss proposals to amend 10 more laws that require bringing into compliance with the new legislative norms. Among them is the draft law on virtual assets, which stands out as particularly important.
The working group received support and assistance from the EU Project “Support for Comprehensive Public Administration Reform in Ukraine” (EU4PAR2). This demonstrates international interest in improving legislation in the field of virtual assets.
Strategy and Commitment
These legislative changes are part of Ukraine's strategy to improve its legal infrastructure and are in line with its commitments to the International Monetary Fund (IMF), which insists that the legislative update be completed by the end of 2024.
The moves are part of a broader reform plan that also includes regulation of cryptocurrencies and other innovations aimed at improving the country's legal framework.
Representatives of the Working Group will also discuss proposals to amend 10 more laws that require bringing into compliance with the new legislative norms. Among them is the draft law on virtual assets, which stands out as particularly important.
The working group received support and assistance from the EU Project “Support for Comprehensive Public Administration Reform in Ukraine” (EU4PAR2). This demonstrates international interest in improving legislation in the field of virtual assets.
Strategy and Commitment
These legislative changes are part of Ukraine's strategy to improve its legal infrastructure and are in line with its commitments to the International Monetary Fund (IMF), which insists that the legislative update be completed by the end of 2024.
The moves are part of a broader reform plan that also includes regulation of cryptocurrencies and other innovations aimed at improving the country's legal framework.
