Zelensky withdrew the cryptocurrency bill from consideration. The reasons have been stated.

The Office of the President of Ukraine has blocked the consideration of a bill on the regulation of cryptocurrencies in the country. This was reported by MP Yaroslav Zheleznyak.

According to him, President Vladimir Zelensky has withdrawn the document from consideration for an indefinite period.

“The bill disappeared from the agenda of the Verkhovna Rada after a meeting at the President’s Office. It was removed by the president himself,” said Zheleznyak citing informed sources.

The MP believes that the head of the NCDFR, Ruslan Magomedov, manipulates the opinion of the head of state through the head of the Office of the President, Andrey Yermak.

“He is the only representative of the state who had comments on this bill so significant that he demanded its withdrawal. The Ministry of Finance, financial monitoring, and the NBU also have comments, but they are ready to submit them for the second reading without blocking the process. The Commission’s position is different — to withdraw the bill and do nothing,” said Zheleznyak.

Among the claims against the document, Magomedov listed:

• MiCA non-compliance — the definition of tokenized securities is not assigned to the capital market regulator, which will hinder Eurointegration and “violates the principles of integrity in capital market regulation”;
• his text is not approved by the financial stability council and foreign partners of Ukraine;
• The bill contains provisions that propose to automatically allow the circulation and enable unlicensed service providers in Ukraine to operate in the market. This supposedly creates a loophole for Russian financial institutions registered in other countries.

Furthermore, the head of the NKTSBFR demanded to send the text for evaluation to law enforcement agencies, specifically the SBU, in order to monitor the sanctions policy.

Zheleznyak called Magomedov’s arguments “manipulation” and “superpass to the SBU and their protection of all illegal operations”

He emphasized that the lack of cryptocurrency regulation harms the state, as it does not receive taxes, various law enforcement agencies constantly come to market representatives, and the Web3 sector is not developing.

“We will fight for the bill, just like we did with the law on the reform of the Commission. We will find a way to make the authorities forget about their corruption schemes and accept a proper text,” added Zheleznyak.

Recall that at the end of April, the tax committee reviewed the draft law “On Virtual Assets” and recommended it for the first reading in the Verkhovna Rada.

Earlier, ForkLog thoroughly analyzed the provisions of the document.