Ukraine will update the regulation of cryptocurrencies — SMI
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The National Commission for Securities and the Stock Market, the Ministry of Digital, the National Bank and the People’s Deputies are preparing updated legislation on the regulation of virtual assets. This is reported by Forbes Ukraine.
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The new legislation may be adopted before the end of the year and will directly affect the crypto market of Ukraine.
A working group is working on the new draft law, which includes experts from the National Securities and Stock Market Commission, the Ministry of Digital Transformation, the National Bank, the Finance Committee of the Verkhovna Rada, law enforcement officers, crypto market players, and Ernst & Young and USAID Financial Sector Reform are consulting on the project.
After the bill is written, it must be approved by the NBU. If necessary, the regulator can also make its own adjustments. While the National Bank has not yet received the draft law for consideration, Deputy Head of the NBU Alexey Shaban noted.
The document can be submitted for consideration by the parliament in the summer, and accepted by the end of the year, said Yaroslav Zheleznyak, first deputy chairman of the finance committee of the Verkhovna Rada.
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The authors of the draft law took the key approaches, structure and definition from the recently adopted regulation of the regulation of crypto-assets MySA (Markets in Crypto-assets) adopted by the European Parliament. Therefore, the document will be adapted to Euronorms, says Zhelezniak.
The draft law will fix the most detailed wording of the terms and concepts of virtual assets and describe the mechanism of their taxation. The new version of the law will be more thorough and detailed than the previous one (adopted at the end of 2021), and the regulation of the market will be transferred from the Ministry of Digital to the NCSBFR.
According to Zheleznyak, the bill will most likely tax cryptocurrency after its withdrawal into fiat currencies, while processes within crypto exchanges and capital gains after the sale of crypto-assets will not be subject to taxation.
Author: 
News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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