diff --git a/deps/kwasm_release b/deps/kwasm_release
index 5ef49d2f..28d00753 100644
--- a/deps/kwasm_release
+++ b/deps/kwasm_release
@@ -1 +1 @@
-0.1.29
+0.1.32
diff --git a/deps/wasm-semantics b/deps/wasm-semantics
index 0ea9fedf..fd9ec8c7 160000
--- a/deps/wasm-semantics
+++ b/deps/wasm-semantics
@@ -1 +1 @@
-Subproject commit 0ea9fedffb3ee6b266a56711bd718bb73e8c555a
+Subproject commit fd9ec8c73c3f5dd773f037f01284167e6e98bc13
diff --git a/kelrond b/kelrond
index 649cdf7c..2671a426 100755
--- a/kelrond
+++ b/kelrond
@@ -24,7 +24,7 @@ preprocess() {
     tmp_dir="$(mktemp -d)"
     tmp_input="$tmp_dir/$(basename $run_file))"
     touch "$tmp_input"
-    python3 "$kwasm_dir/preprocessor.py" "$run_file" > "$tmp_input"
+    poetry -C kmultiversx run kwasm-preprocess "$run_file" > "$tmp_input"
     run_file="$tmp_input"
 }
 
diff --git a/kmultiversx/poetry.lock b/kmultiversx/poetry.lock
index e88f3714..ba17776a 100644
--- a/kmultiversx/poetry.lock
+++ b/kmultiversx/poetry.lock
@@ -997,7 +997,7 @@ resolved_reference = "f705bcd96224b80a35619a8e4112f7880bcaae81"
 
 [[package]]
 name = "pykwasm"
-version = "0.1.29"
+version = "0.1.32"
 description = ""
 optional = false
 python-versions = "^3.10"
@@ -1013,8 +1013,8 @@ pyk = {git = "https://github.com/runtimeverification/pyk.git", tag = "v0.1.778"}
 [package.source]
 type = "git"
 url = "https://github.com/runtimeverification/wasm-semantics.git"
-reference = "v0.1.29"
-resolved_reference = "0ea9fedffb3ee6b266a56711bd718bb73e8c555a"
+reference = "v0.1.32"
+resolved_reference = "fd9ec8c73c3f5dd773f037f01284167e6e98bc13"
 subdirectory = "pykwasm"
 
 [[package]]
@@ -1149,18 +1149,18 @@ jupyter = ["ipywidgets (>=7.5.1,<9)"]
 
 [[package]]
 name = "setuptools"
-version = "69.2.0"
+version = "69.5.1"
 description = "Easily download, build, install, upgrade, and uninstall Python packages"
 optional = false
 python-versions = ">=3.8"
 files = [
-    {file = "setuptools-69.2.0-py3-none-any.whl", hash = "sha256:c21c49fb1042386df081cb5d86759792ab89efca84cf114889191cd09aacc80c"},
-    {file = "setuptools-69.2.0.tar.gz", hash = "sha256:0ff4183f8f42cd8fa3acea16c45205521a4ef28f73c6391d8a25e92893134f2e"},
+    {file = "setuptools-69.5.1-py3-none-any.whl", hash = "sha256:c636ac361bc47580504644275c9ad802c50415c7522212252c033bd15f301f32"},
+    {file = "setuptools-69.5.1.tar.gz", hash = "sha256:6c1fccdac05a97e598fb0ae3bbed5904ccb317337a51139dcd51453611bbb987"},
 ]
 
 [package.extras]
-docs = ["furo", "jaraco.packaging (>=9.3)", "jaraco.tidelift (>=1.4)", "pygments-github-lexers (==0.0.5)", "rst.linker (>=1.9)", "sphinx (<7.2.5)", "sphinx (>=3.5)", "sphinx-favicon", "sphinx-inline-tabs", "sphinx-lint", "sphinx-notfound-page (>=1,<2)", "sphinx-reredirects", "sphinxcontrib-towncrier"]
-testing = ["build[virtualenv]", "filelock (>=3.4.0)", "importlib-metadata", "ini2toml[lite] (>=0.9)", "jaraco.develop (>=7.21)", "jaraco.envs (>=2.2)", "jaraco.path (>=3.2.0)", "mypy (==1.9)", "packaging (>=23.2)", "pip (>=19.1)", "pytest (>=6)", "pytest-checkdocs (>=2.4)", "pytest-cov", "pytest-enabler (>=2.2)", "pytest-home (>=0.5)", "pytest-mypy (>=0.9.1)", "pytest-perf", "pytest-ruff (>=0.2.1)", "pytest-timeout", "pytest-xdist (>=3)", "tomli", "tomli-w (>=1.0.0)", "virtualenv (>=13.0.0)", "wheel"]
+docs = ["furo", "jaraco.packaging (>=9.3)", "jaraco.tidelift (>=1.4)", "pygments-github-lexers (==0.0.5)", "rst.linker (>=1.9)", "sphinx (>=3.5)", "sphinx-favicon", "sphinx-inline-tabs", "sphinx-lint", "sphinx-notfound-page (>=1,<2)", "sphinx-reredirects", "sphinxcontrib-towncrier"]
+testing = ["build[virtualenv]", "filelock (>=3.4.0)", "importlib-metadata", "ini2toml[lite] (>=0.9)", "jaraco.develop (>=7.21)", "jaraco.envs (>=2.2)", "jaraco.path (>=3.2.0)", "mypy (==1.9)", "packaging (>=23.2)", "pip (>=19.1)", "pytest (>=6,!=8.1.1)", "pytest-checkdocs (>=2.4)", "pytest-cov", "pytest-enabler (>=2.2)", "pytest-home (>=0.5)", "pytest-mypy", "pytest-perf", "pytest-ruff (>=0.2.1)", "pytest-timeout", "pytest-xdist (>=3)", "tomli", "tomli-w (>=1.0.0)", "virtualenv (>=13.0.0)", "wheel"]
 testing-integration = ["build[virtualenv] (>=1.0.3)", "filelock (>=3.4.0)", "jaraco.envs (>=2.2)", "jaraco.path (>=3.2.0)", "packaging (>=23.2)", "pytest", "pytest-enabler", "pytest-xdist", "tomli", "virtualenv (>=13.0.0)", "wheel"]
 
 [[package]]
@@ -1292,4 +1292,4 @@ testing = ["big-O", "jaraco.functools", "jaraco.itertools", "more-itertools", "p
 [metadata]
 lock-version = "2.0"
 python-versions = "^3.10"
-content-hash = "d989b38a4c495fed75816fa1073c3757401c8ae4f1d6b62ae49729e3968871a9"
+content-hash = "43727300e16f8051cc1c8cac72c4324d26a3a85e36bc7ab14bc2d00f822434ee"
diff --git a/kmultiversx/pyproject.toml b/kmultiversx/pyproject.toml
index abe4f7e1..772f6af7 100644
--- a/kmultiversx/pyproject.toml
+++ b/kmultiversx/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "poetry.core.masonry.api"
 
 [tool.poetry]
 name = "kmultiversx"
-version = "0.1.30"
+version = "0.1.31"
 description = "Python tools for Elrond semantics"
 authors = [
     "Runtime Verification, Inc. <contact@runtimeverification.com>",
@@ -15,7 +15,7 @@ mx-semantics = "kmultiversx.kdist.plugin"
 
 [tool.poetry.dependencies]
 python = "^3.10"
-pykwasm = { git = "https://github.com/runtimeverification/wasm-semantics.git", tag = "v0.1.29", subdirectory = "pykwasm" }
+pykwasm = { git = "https://github.com/runtimeverification/wasm-semantics.git", tag = "v0.1.32", subdirectory = "pykwasm" }
 pycryptodomex = "^3.18.0"
 hypothesis = "^6.82.6"
 
diff --git a/package/version b/package/version
index 013adb71..db7a4804 100644
--- a/package/version
+++ b/package/version
@@ -1 +1 @@
-0.1.30
+0.1.31