Vice President of the Ukrainian National Lobbyists Association comments on the draft law on virtual assets

Oleksandr Chernykh, Vice President of the Ukrainian National Lobbyists Association (UNLA), an international expert on the regulation of virtual assets, gave an interview about the long-awaited draft legislation “On the Regulation of Virtual Asset Markets”. The interview is available on YouTube.

Chernykh notes that Ukraine has lost time with the adoption of this law and that the current text raises numerous reservations even among government officials. According to the expert, finalizing it will be a lengthy process.

“Cryptocurrencies and virtual assets in general have the potential to revitalize Ukraine’s economy. However, there is currently a lack of political will. Instead, behind-the-scenes game that works against market participants, and fails to protect consumers from pyramid schemes, abuse, and crime in the crypto sphere.”

Chernykh emphasized that high-quality legislative regulation requires the participation not only of the government but also of the professional community, including scholars, lawyers, attorneys, lobbyists-to ensure that the law takes into account the interests of all stakeholders, not just groups close to the government.