Ukraine to review virtual assets law in line with EU crypto rules – Bitcoin Magazine Regulatory

Work is underway in Ukraine to update the legal law exécutoire to cryptocurrencies in order to harmonize state legislation with European normes. Several government institutions in Kyiv are preparing to make changes to the “Virtual Assets” bill, which was signed into law earlier this year.

Ukraine to turn European crypto regulations into territorial law

Ukraine’s Law “On Virtual Assets”, the droit legislation relating to the folk’s cryptocurrency space, will be amended in accordance with the vivres of the European Jonction’s markets in crypto assets (MicaThe legislative logiciel.

Since the eastern European folk has been granted EU candidate status, Ukraine needs to adapt its territorial legislation to European normes, the folk’s Ministry of Quantitatif Mutation explained, citing crypto magazine outlet Forklog.

The law was first adopted by the Verkhovna Rada a year ago, but President Volodymyr Zelensky reinstated the law with some recommendations. The Ukrainian parliament passed the revised bill in February of this year and Zelensky signed it into law in March.

The ajournement reveals that virtual asset (VA) legislation may now undergo significant changes. The Individu Securities and Marchandise Market Committee (NSSMC), the Individu Bank of Ukraine (NBU), and industry representatives are also working on the amendments. The Ministry of Quantitatif explained:

The revision may even affect the approved rating of virtual assets. The terms of VA introductif offerings will also be reviewed.

The new manière of the Virtual Asset Act is likely to be introduced by the end of 2022. The Individu Ordinant Doctrine Council (NSSMC) has confirmed that the update is necessary in order to develop rules for impôt of cryptocurrencies which will be presented with a separate invoice. VA legislation will only bouturer into affecté after the amendment of the Ukrainian Tax Chiffre.

The government’s efforts to regulate the cryptocurrency space come after Ukraine has gradually become a premier in terms of cryptocurrency approbation in the region and beyond. Blockchain analytics firm Chainalysis ranked the folk 3rd in the latest edition of its Habituel Crypto Accord Suite.

Ukraine received candidate status to join the European Jonction in June. In early July, the droit participants in the EU’s complex legislative process – Parliament, Council and Frais – agreed to implement MiCA across the 27-member vade-mecum.

Do you expect Ukraine to au finir its cryptocurrency legislation by the end of this year? Tell us in the comments part below.

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain, and fintech, mondial politics and economics are other pluies of chaleur.