Ukrainian government to transpose European crypto regulations into national law.
The virtual assets legislation may now undergo significant change, the report reveals. The National Securities and Stock Market Commission , the National Bank of Ukraine , and representatives of the industry are also working on the amendments. The digital ministry elaborated:
The revision may even affect the adopted classification of virtual assets. The terms for initial VA offerings will also be reviewed. The new version of the law “On Virtual Assets” is likely to be filed towards the end of 2022. The NSSMC emphasized the update is necessary in order to develop rules for the taxation of cryptocurrencies which will be introduced with a separate bill. The VA legislation will enter into force only after the amendment of Ukraine’s Tax Code.
Government efforts to regulate the crypto space come after Ukraine gradually became a leader in terms of cryptocurrency adoption in the region and beyond. Blockchain analytics company ChainalysisUkraine received the status of a candidate for EU accession in June. In early July, the key participants in the European Union’s complex legislative process — the Parliament, Council, and Commission —
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