New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations

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New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations

A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation.

Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine

The National Securities and Stock Market Commission of Ukraine (NSSMC) has set up an advisory council that will be entrusted with the further development of the regulations for the digital asset market in the Eastern European nation.

The new board’s first task will be to prepare amendments to the country’s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the authorities in Kyiv said in an announcement published before the weekend.

The changes are necessary in order to enforce Ukraine’s law “On Virtual Assets,” which was adopted in September 2021 and signed after revisions by President Volodymyr Zelenskyy in March, this year. The council will draft the respective amendments to the VA law, too. According to the NSSMC, the law will be finalized taking into account the provisions of the European Markets in Crypto Assets (MiCA) framework, the crypto news outlet Forklog noted in a report.

The board, expected to “provide quality expertise and professional evaluation,” will also coordinate efforts of government institutions in finding solutions for other issues pertaining to the regulation of activities in the crypto market.

The body will comprise representatives of relevant regulatory bodies, leading market experts and other interested participants. “The opinion of all parties to the process is important and interesting for the Commission, so it is ready for an open and constructive dialogue,” the statement emphasized.

Amid an ongoing war with Russia, Ukraine has been relying on crypto donations to fund its defense and humanitarian efforts. Before the conflict started in late February, the country had already established itself as a regional leader in terms of crypto adoption.

Do you expect Ukraine to quickly regulate the taxation of crypto transactions amid ongoing hostilities with Russia? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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