Ukraine’s security watchdog set to draft Crypto Taxation Regulations

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

ukraine-crypto-tax

The new board’s first assignment will be to draft amendments to the country’s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the management in Kyiv said in a statement issued before the weekend.

The changes are vital in order to implement Ukraine’s law On Virtual Assets, which was adopted in September 2021 and signed after modifications by President Volodymyr Zelenskyy back in March, this year. The council will prepare the respective amendments to the VA law, too. According to reports from crypto news media Forkog, the NSSMC believes that the law will be finished taking into account the provisions of the European Markets in Crypto Assets (MiCA) framework.

The board is anticipated to provide quality expertise and professional evaluation, and will also coordinate actions of government institutions in finding solutions for other issues with respect to the regulation of activities in the crypto market.

The body will incorporate representatives of appropriate regulatory bodies, leading market experts, and other interested parties. The opinion of all parties to the procedure is important and impressive for the Commission, so it is ready for an open and constructive dialogue, the statement highlighted.

Also read: Ukraine’s Deputy Digital Minister shuts down FTX-Democrats Narrative…

Amid a continuous war with Russia, Ukraine has been counting on crypto donations to fund its defense and humanitarian actions. Before the battle started in late February, the country had already affirmed itself as a regional leader in terms of crypto adoption.


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