4 months ago 1 min read

Crypto Taxation Regulations to be Drafted by Ukraine Securities Watchdog's New Council


The National Securities and Stock Market Commission of Ukraine (NSSMC) has established an advisory committee that will be in charge of continuing to develop the rules for the country's digital asset market.

The first duty of the new board will be to draft revisions to the country's Tax Code that specifically address how to tax cryptocurrency transactions, according to a statement made by the Kyiv authorities before the weekend.

The modifications are required for Ukraine's law "On Virtual Assets," which was adopted in September 2021 and signed by President Volodymyr Zelenskyy following adjustments, to be put into effect. The appropriate revisions to the VA statute will also be written by the council. The European Markets in Crypto Assets (MiCA) framework's provisions will be considered in the law's final form, according to the NSSMC, the cryptocurrency news outlet Forklog reported.

The board will coordinate efforts of government institutions in finding answers for other concerns connected to the regulation of operations in the crypto market in addition to being expected to "offer quality expertise and professional evaluation."

Representatives of pertinent regulatory organizations, top industry experts, and other interested parties will make up the body. The statement highlighted that the Commission is prepared for an open and constructive debate since it finds the opinions of all participants in the process to be significant and fascinating.

Ukraine has been depending on cryptocurrency donations to support its defense and humanitarian endeavors while at war with Russia. The nation had already established itself as a regional leader in terms of crypto adoption before the violence broke out in late February.

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