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Work is underway in Ukraine to update the legislation pertaining to cryptocurrencies to align the nation’s legislation with European standards. Several state institutions in Kyiv are preparing amendments to the bill “On Virtual Assets”, which was signed into law earlier this year.
The Law of Ukraine “On Virtual Assets”, the main legislation concerning the country’s crypto space, will be amended in accordance with the provisions of the EU legislative package on markets for crypto-assets (MiCA).
Since the Eastern European nation was granted candidate status for EU membership, Ukraine must adapt its national legislation to European standards, the country’s Ministry of Digital Transformation explained, cited by crypto news outlet Forklog.
The law was first passed by the Ukrainian parliament a year ago, but President Volodymyr Zelenskyy returned it with some recommendations. The Verkhovna Rada adopted the revised bill in February this year and Zelenskyy signed it into law in March.
The legislation on virtual assets (VA) may now undergo significant change, the report reveals. The National Securities and Stock Market Commission (NSSMC), the National Bank of Ukraine (NBU) and industry representatives are also working on the changes. The Digital Ministry elaborates:
The revision may even affect the adopted classification of virtual assets. The conditions for initial VA offers will also be reviewed.
The new version of the law “On Virtual Assets” is likely to be submitted towards the end of 2022. The NSSMC emphasized that the update is necessary to develop rules for taxation of cryptocurrencies which will be introduced with a separate bill. The VA legislation will enter into force only after the amendment of the Tax Code of Ukraine.
The government’s efforts to regulate the crypto space come after Ukraine gradually became a leader in the use of cryptocurrency in the region and beyond. Blockchain analysis company Chainalysis ranks the country third in the latest edition of its global crypto adoption index.
Ukraine received the status of a candidate for EU accession in June. In early July, the key participants in the EU’s complex legislative process – the Parliament, the Council and the Commission – agreed to implement MiCA across the 27-strong bloc.
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