Ukraine Revises Virtual Assets Law In Line with EU Crypto Rules

In Ukraine, work is ongoing to update the law that applies to cryptocurrency in order to align Ukraine's legislation with European standards. Many government institutions in Kyiv are working on changes to the bill "On Virtual Assets," signed earlier this year.

Ukraine to Transpose European Crypto Regulations into National Law

The main section of Ukraine's legislation governing crypto assets, the law "On Virtual Assets", will be modified in accordance to the provisions of the European Union’s Markets in Crypto Assets legislative package (MiCA).

According to the crypto news outlet Forklog, Ukraine must adapt its national laws to European standards since the East European nation was granted the status of candidate for EU membership.

The Ukrainian parliament first adopted the law one year ago. However, President Volodymyr Zeleskyy resubmitted it with some suggestions. In February, the Verkhovna Rada approved the amended bill and Zelenskyy signed them into law in March.

According to the report, legislation governing virtual assets (VAs) could undergo significant changes. The National Securities and Stock Market Commission, the National Bank of Ukraine and industry representatives are all working on amendments. The digital ministry was elaborated:

This revision could even impact the adoption of virtual asset classifications. We will also review the terms of initial VA offerings.

A new version of the law "On Virtual Assets", is expected to be filed by the end of 2022. NSSMC stressed that the amendment was necessary to create rules for taxation of cryptocurrency. This bill will be introduced separately. Only after amendments to Ukraine's Tax Code will the VA legislation be in force.

After Ukraine's rapid rise in cryptocurrency adoption, the government has been trying to regulate the space. Chainalysis, a blockchain analytics company, ranks Ukraine third in its latest edition of the global crypto adoption index.

In June, Ukraine was granted the status of a candidate to join the EU. The key players in the complex European Union legislative process, the Parliament, Council and Commission, agreed to implement MiCA throughout the 27-strong bloc.

Are you optimistic that Ukraine will have its crypto legislation in place by the end this year? Leave your comments below.


By: Lubomir Tassev
Title: Ukraine to Revise Virtual Assets Law in Line With EU Crypto Rules
Sourced From:
Published Date: Tue, 20 Sep 2022 21:30:41 +0000

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