VR Financial Policy and Banking Committee approved a decision to merge two draft laws on regulating cryptocurrency market, initiated by the members of parliament, into one, former chair of the committee, member of the VR faction of the Radical Party of Oleh Lyashko Serhii Rybalka wrote on his Facebook page.

"Today, at the meeting of the committee, a decision was approved to develop a joint draft law on cryptocurrencies based on the two existing ones in order to speed up the process of reviewing this issue in the parliament's session hall," he wrote. The first draft law was initiated by MPs from the People's Front and the second one – by Rybalka himself.

"There are different opinions and we will have many discussions, as cryptocurrency is a new and unique phenomenon, and we, the lawmakers, are facing the task of merging stimulation of development of the new financial technologies and attracting new investments and, at the same time, protecting the users of these services," added Rybalka.

He believes that Verkhovna Rada needs to finish drafting the law and bring it to the session hall as soon as possible.

"Until we have the law, we will only see lawless actions by our law enforcement bodies and hear the statements of business leaving our country. Meanwhile, Ukraine here has a unique opportunity to be among the first ones in the world, to gain experience that other countries will adopt," believes Rybalka.

Corresponding legislation is required for development of the economy in general, said the member of parliament.

"This is what's needed for protection and guaranteeing interests of our people, who are forced to seek original ways to keep their savings because of inaction of the current government. Finally, the government also needs it, as it is a test of its readiness to be open to innovation and manage not the flows, but the processes, as the government of a great European country should," he summed up.