The law:

• determines the legal status, classification and ownership of virtual assets; 
• determines market regulators - the National Bank of Ukraine and the National Commission on Securities and Stock Market; 
• creates conditions for further formation of the legal field in the market of virtual assets;
• determines the list of providers of virtual assets and conditions of their registration;
• provides for the implementation of financial monitoring measures in the field of virtual assets.

The  National Securities and Stock Market Commission will:

• form and implement state policy in the field of virtual assets;
• determine the order of turnover of virtual assets;
• issue permits to virtual asset service providers;
• regulate, supervise and financially monitor this area.

Among other things, the document said that the government will support digital technologies, even if they are unregulated and not "defined by national law". The government will also establish regulatory sandboxes to evaluate, market test and consider the risks linked to these digital technologies.

The government will also look to establish a regulatory framework around virtual assets, but the proposals will be based on a technology-agnostic approach, best practice and international standards.

The government will also facilitate the interaction between the financial and virtual assets markets, as well as promote the implementation of international best practices in respect of the taxation of virtual assets and the activities of providers, as well as establish mechanisms to prevent abuse and misconduct.

At a meeting of the National Cybersecurity Coordination Center on cybersecurity, NSDC Secretary Oleksandr Turchynov said that the lack of legislative and regulatory framework around cryptocurrency "poses a threat to the economy and security of the [Ukrainian] state".

"Given the rapid development of cryptocurrencies in the world, this issue cannot be left out of the state's attention," Turchynov stated.

The NSDC therefore proposed the creation of a working group comprising representatives from various official authorities, including the National Bank, the Ministry of Finance, the police, the National Securities and Stock Market Commission and others.

Among other things, the group will develop proposals for regulating cryptocurrencies, define which state regulator will oversee the cryptocurrencies market and set up a procedure to tax the income from transactions that use cryptocurrencies.

The statement also mentions that the National Bank is considering creating its own cryptocurrency.

The statement adds:

"Moreover, the authorities were assigned to develop a mechanism for ensuring access of law enforcement bodies to the data of cryptocurrency exchanges with the obligation of the given subjects to store information about all transactions within the period established by law for financial institutions and disclosure of customer information on a motivated request."