And this is probably the most interesting episode of the financial committee meeting on the cryptocurrency law. The onl...

And this is probably the most interesting episode of the financial committee meeting on the cryptocurrency law.

The only body opposing the proposed format of legalization turned out to be the NBU.

But the Regulator is not so much against the law as against the fact that its role in regulating this market is not defined as key.

In simple terms, the NBU demands a monopoly on decisions on this issue, despite the fact that the National Securities and Stock Market Commission has been rightfully designated the key body for regulation.

The point of public conflict during the discussion became the provision requiring the NBU’s position to be taken into account regarding the market entry of particular virtual assets.

Deputy Head of the NBU Oleksii Shaban said directly that:

“We didn’t agree to this.”

The NBU demands that their position on certain assets that the National Bank considers risky must necessarily be taken into account by the NSSMC. However, the law provides that the Securities Commission decides this issue unilaterally, taking the NBU’s position into account only as input, since the NSSMC is defined as the market regulator.

The NBU is not satisfied with this because they want their position on the right of various cryptocurrencies to enter the Ukrainian market to be decisive, yet they do not want to take on full regulation of the market.

Danylo Hetmantsev asked a direct question:

“You want this, what? To sanitize it?”

And this, in principle, best describes the goal the National Bank sets for itself on the crypto issue. The NBU wants to influence the market, not be responsible for it.

The National Securities and Stock Market Commission is an independent body, like the NBU, but on this issue Pysnyi’s team very much wants to gain a “side” control over the virtual assets market.

But the discussion ended with the NBU being brought back down to earth with their wishes.