The Ukrainian regulatory community is actively partnering with foreign specialists like USAID, and Ernst&Young on the country’s national crypto framework and the modifications to the law”On virtual assets.”
The National Securities and Stock Market Commission in Ukraine formed the Advisory Council on the Regulation of Virtual Assets, which conducted its first meeting on December 1.
The National Tax Code should be amended to accommodate cryptocurrency regulation, according to the regulatory experts, who addressed changes to the statute “On Virtual Assets.” Representatives of the President’s Office, the National Bank of Ukraine, specialist groups, and the business community were present.
In order to implement the European Markets in Crypto-Assets (MiCA) legislation in the Ukrainian digital asset market, the regulators are closely collaborating with Ernst & Young and USAID, according to Ruslan Magomedov, head of the National Tax Agency of Ukraine.
The national strategy will be based on the “do no damage” tenet, as observed by Yaroslav Zheleznyak, a member of the Ukrainian Parliament (Rada):
“The goal is simple — to make crypto circulation in Ukraine legal and safe, but according to the principle of ‘do no harm,’ so that the market receives not regulation, but incentives for development and competitive advantages.”
The legislation “On Virtual Assets” was ratified by Ukrainian President Volodymyr Zelensky in March 2022. The National Bank of Ukraine and the National Securities and Stock Market Commission of Ukraine are established as the two principal regulators of the cryptocurrency market.
The public organization Virtual Assets of Ukraine (VAU) and a group of pro-crypto Ukrainian politicians unveiled a unified agenda for advancing and expanding Web3 in the nation in November.
The plan suggests a regulatory sandbox for initiatives using blockchain and Web 3. Additionally, it puts into action the development of a national land registry supported by blockchain technology and Ukraine’s inclusion in the European Blockchain Partnership.
