The Warning Committee on the Guideline of Virtual Resources held its most memorable gathering, devoted to changing the Public Assessment Code to the crypto market.
The Ukrainian regulatory community actively collaborates with international experts when working on their national crypto framework, which is the amendments to the law “On virtual assets. “The USAID Financial Sector Reform project and the international consulting firm Ernst & Young are on the list.
The National Securities and Stock Market Commission convened the Advisory Council on the Regulation of Virtual Assets on December 1 for its inaugural meeting. The amendments to the law “On virtual assets,” which should adapt the National Tax Code to crypto regulation, were the topic of discussion among regulatory experts. Representatives from the President’s Office, the National Bank of Ukraine, professional organizations, and the market community attended the event.
The chair of the National Tax Agency of Ukraine, Ruslan Magomedov, disclosed that the authorities are collaborating closely with Ernst & Young and the United States Agency for International Development (USAID) to implement the European Markets in Crypto-Assets (MiCA) regulation in the Ukrainian digital assets market.
The national strategy will be based on the “do no harm” principle, as noted by Yaroslav Zheleznyak, a member of the Ukrainian Parliament (Rada).
The objective is straightforward: “To make crypto circulation legal and safe in Ukraine while adhering to the principle of “do no harm” so that the market receives incentives for development and competitive advantages rather than regulation.”
The “On Virtual Assets” law was signed into law by Ukrainian President Volodymyr Zelensky in March 2022.The bill creates the National Securities and Stock Market Commission of Ukraine and the National Bank of Ukraine as major crypto market regulators.
The public union Virtual Assets of Ukraine (VAU) and a group of crypto-supporting lawmakers in Ukraine unveiled a coordinated plan in November to promote and develop Web3 in the country. A regulatory sandbox for blockchain and Web3 projects is outlined in the roadmap. It likewise carries out the making of a public blockchain-upheld land and realty register and the joining of Ukraine into the European Blockchain Organization.