The Advisory Council on the Regulation of Virtual Assets held its first meeting, dedicated to adjusting the National Tax Code to the crypto market.
Working on their national crypto framework, the amendments to the law “On virtual assets,” the Ukrainian regulative community actively collaborates with international specialists. The list includes the international practice firm Ernst&Young and therefore the USAID financial Sector Reform project.
On Dec. 1, the informative Council on the Regulation of Virtual Assets, organized by the National Securities and exchange Commission, control its 1st meeting. The restrictive specialists discussed the amendments to the law “On virtual assets," that should alter the National Tax Code to crypto regulation. The event was attended by representatives of the President’s workplace, the national bank of ukraine, professional organizations and therefore the market community.
Ruslan Magomedov, the National Securities and exchange Commission chair, disclosed that the regulators are working closely with Ernst&Young and therefore the USAID to implement the european Markets in Crypto-Assets (MiCA) regulation within the Ukrainian digital assets market.
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As Yaroslav Zheleznyak, a member of the Ukrainian Parliament (Rada), noted, the national approach can trust the “do no harm” principle:
“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.”
Ukrainian President Volodymyr Zelensky signed the law “On Virtual Assets” in March 2022. The bill establishes the National Securities and exchange Commission of ukraine and therefore the national bank of ukraine as 2 major regulators of the crypto market.
In Nov, a bunch of pro-crypto Ukrainian lawmakers and therefore the public union Virtual Assets of ukraine (VAU) disclosed a joint roadmap for promoting and developing Web3 within the country. The roadmap proposes the launch of a restrictive sandbox for blockchain and Web3 comes. It additionally implements the creation of a national blockchain-backed land and realty register and therefore the integration of ukraine into the european Blockchain Partnership.
(HELEN PARTZ, Cointelegraph, 2022)