Draft Law “On Tokenized Assets and Crypto-Assets” Registered in the Verkhovna Rada of Ukraine

Yesterday, on November 5, 2020, the Draft Law “On Tokenized Assets and Crypto-Assets” was registered in the Verkhovna Rada of Ukraine. This Draft Law was developed by a team of contributors that includes the participants from the NGO “Research Center of Economic and Legal Solutions in the Area of Application of Distributed Ledger Technologies”, specialists from Simcord, as well as representatives of academia and People’s Deputies of Ukraine.

According to the matrix management structure adopted by Simcord, “Legal Supervision” is one of its activity areas. Within this activity area, the Company’s specialists can act as experts and advisers in lawmaking. The participation of the Company’s specialists in the development of the Draft Law was caused by the need to create and promote regulatory acts and laws that would contribute to a more rapid and effective development of the market of information resources, products and services.

The Draft Law “On Tokenized Assets and Crypto-Assets” No. 4328 dated November 5, 2020 is dedicated to the field of regulation of virtual assets of the distributed ledger and establishes the legal framework for such virtual assets as well as the legal status of subjects in the field of virtual assets. Moreover, the Draft Law contains a classification of virtual assets of the distributed ledger, which will allow ensuring state regulation of relations related to the application of virtual assets of the distributed ledger and using them in civil and business legal relations.

The main concept laid down in this Draft Law is ensuring legal certainty in the field of virtual assets of the distributed ledger, which will create favorable conditions for the development of the new virtual assets market in Ukraine.

The adoption of the Draft Law “On Tokenized Assets and Crypto-Assets” will provide the ability to introduce the legal framework and regulate operations with all types of virtual assets of the distributed ledger, as well as to attract domestic and international investments into the national economy using such virtual assets.

All of that will allow Ukraine to get closer to the countries leading in the field of technologies in some areas of digital economy by creating favorable conditions for investments in IT and motivation of Ukrainian and international specialists to actively use solutions based on decentralized information platforms in the real sector of economy.

You can read the Draft Law of Ukraine “On Tokenized Assets and Crypto-Assets” No. 4328 dated November 5, 2020 by following this link http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=70353