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Ukraine Started International Consultations to Update Crypto Laws

The discussed changes are dedicated to adjusting the National Tax Code to the crypto market

Ukraine crypto

Source: depositphotos.com

The Advisory Council on the Regulation of Virtual Assets held its first meeting on December 1. The regulatory body actively collaborates with international experts, including Ernst&Young and the USAID Financial Sector Reform project, to amend national crypto framework.

Representatives of the President’s Office, the National Bank of Ukraine, expert organisations and the market community visited the event. Experts discussed the updates to the law “On virtual assets”. It should adjust the National Tax Code to crypto regulation.

“The goal is simple — to make crypto circulation in Ukraine legal and safe, but according to the principle of ‘do no harm,’ so that the market receives not regulation, but incentives for development and competitive advantages.”
Yaroslav Zheleznyak, a member of the Ukrainian Parliament (Rada)

The participants discussed the importance of a quick launch of the virtual assets market in Ukraine. We shall remind that crypto donations have made a large portion of financial support to the country at war earlier this year. 

The meeting also featured review of the existing crypto regulations globally. Thus, participants mentioned the European MiCA (Markets in Crypto assets) regulation, along with the already developed amendments.

Ukrainian President Volodymyr Zelensky signed the law “On Virtual Assets” in March 2022.

In November, a group of pro-crypto Ukrainian lawmakers and the public union Virtual Assets of Ukraine (VAU) proposed a roadmap for promoting and developing Web3 in the country as well. It includes the launch of a regulatory sandbox for blockchain and Web3 projects, along with the national blockchain-backed land and realty register. The proposal also provides guidelines to the integration of Ukraine into the European Blockchain Partnership.

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