Working on its national cryptocurrency framework, amendments to the law “On Virtual Assets”, the Ukrainian regulatory community actively collaborates with international experts. The list includes international consulting firm Ernst&Young and USAID’s financial sector reform project.
On December 1, The Advisory Council on the Regulation of Virtual Assets, organized by the National Securities Market Commission, held its first meeting. Regulatory experts discussed the amendments to the law “On Virtual Assets”, which should adjust the National Tax Code to the regulation of cryptocurrencies. The event was attended by representatives of the Office of the President, the National Bank of Ukraine, expert organizations and the market community.
Ruslan Magomedov, Chairman of the National Tax Agency of Ukraine, revealed that regulators are working closely with Ernst&Young and USAID to implement the European Markets for Crypto Assets (MiCA) regulation in the Ukrainian digital asset market.
As Yaroslav Zheleznyak, a member of the Ukrainian Parliament (Rada), pointed out, the national approach will be based on the principle of “do no harm”:
“The goal is simple: to make crypto circulation in Ukraine legal and safe, but according to the ‘do no harm’ principle, so that the market receives not regulation, but incentives for development and competitive advantages.”
Ukrainian President Volodymyr Zelensky signed the law “On Virtual Assets” in March 2022. The bill establishes the National Securities and Exchange Commission of Ukraine and the National Bank of Ukraine as two major regulators of the cryptocurrency market.
In November, a group of pro-cryptocurrency Ukrainian lawmakers and the Virtual Assets of Ukraine (VAU) public union unveiled a joint roadmap to promote and develop Web3 in the country. The roadmap proposes the implementation of a regulatory sandbox for blockchain and Web3 projects. It also implements the creation of a national blockchain-backed land and real estate registry and the integration of Ukraine into the European Blockchain Association.
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