Ukraine collabs with international consultants to update crypto framework

Published at: Dec. 2, 2022

Working on their national crypto framework, the amendments to the law “On virtual assets,” the Ukrainian regulatory community actively collaborates with international experts. The list includes the international consultancy firm Ernst&Young and the USAID Financial Sector Reform project. 

On Dec. 1, the Advisory Council on the Regulation of Virtual Assets, organized by the National Securities and Stock Market Commission, held its first meeting. The regulatory experts discussed the amendments to the law "On virtual assets", which should adjust the National Tax Code to crypto regulation. The event was attended by representatives of the President's Office, the National Bank of Ukraine, expert organizations and the market community.

Ruslan Magomedov, the National Tax Agency of Ukraine chair, revealed that the regulators are working closely with Ernst&Young and the USAID to implement the European Markets in Crypto-Assets (MiCA) regulation in the Ukrainian virtual assets market.

Related: National Bank of Ukraine releases draft concept for digital hryvnia

As Yaroslav Zheleznyak, a member of the Ukrainian Parliament (Rada), noted, the national approach will rely on 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 Stock Market Commission of Ukraine and the National Bank of Ukraine as two major regulators of the crypto market.

In November, a group of pro-crypto Ukrainian lawmakers and the public union Virtual Assets of Ukraine (VAU) revealed a joint roadmap for promoting and developing Web3 in the country. The roadmap proposes the launch of a regulatory sandbox for blockchain and Web3 projects. It also implements the creation of a national blockchain-backed land and realty register and the integration of Ukraine into the European Blockchain Partnership.

Tags
Adoption
Regulation
Ukraine
Ernst & Young
Usaid
Related Posts
Ukraine is prepared to lead Eastern Europe’s crypto space
Ukraine is ranked as the world’s leader in the Global Crypto Adoption Index 2020, according to a research published by Chainalysis earlier this fall. Despite this, cryptocurrencies still remain a gray area in the economy. Since 2014, Ukrainian authorities have been trying to implement crypto legislation that would transform the country into a competitive jurisdiction for running crypto-related businesses, but the efforts did not yield any results. Finally, just a few months ago, the Ukranian government presented a new bill on digital assets to legitimize the sector — and this time, the attempt may well be successful. The fintech strategy …
Adoption / Nov. 15, 2020
After years of doubts and concerns, it is finally Bitcoin’s time to shine
Gold has served as a store of value for thousands of years. Due to this, investors have widely used it as a hedging tool against the effects of recessions and inflation often caused by geopolitical tensions. In light of recent events such as the COVID-19 pandemic and, more recently, the military crisis between Russia and Ukraine, many investors have sought alternatives to gold and other precious metals as hedging options. As we approach a digitized age, it is a prerequisite that alternatives to gold are equipped to deal with the future. In this search for a contender to challenge gold’s …
Adoption / March 26, 2022
Love it or hate it, crypto’s vibe shift is now imminent
Last month, cultural critic Alison P. Davis published an article in The Cut titled “A Vibe Shift is Coming. Will Any of Us Survive It?” The “vibe shift” Davis was referring to had nothing to do with crypto. She was referring to a sea change in pop culture and social trends, particularly in view of GenZ’s ongoing ascendance into trendsetting and cultural relevance. Nevertheless, her positioning caught my eye because she aptly put her finger on something crucial that I’ve also been feeling, particularly as it relates to crypto. The paradigm shift toward the next cultural moment — whatever it …
Adoption / March 26, 2022
Congress demands crypto payments notification from DOS when helping Ukraine
A new bill demanding a congressional notification prior to payments of the United States Department of State (DOS) rewards using cryptocurrencies surfaced as the U.S. Congress raised concerns about the evasion of sanctions. The Rewards for Justice Program, a counterterrorism rewards program run by the Secretary of State, offers rewards for information that prevents international terrorism. Citing examples of Russia and Belarus as previously sanctioned regimes that have used cryptocurrencies to circumvent sanctions, the bill H. R. 7338 demands that: “The Secretary of State shall notify the appropriate congressional committees not later than 15 days before paying out a reward …
Adoption / Sept. 20, 2022
War had no impact on Ukraine’s regulatory approach to crypto, Kyiv lawmaker says
A year after Russia’s invasion, Ukraine continues working on cryptocurrency legislation, but the war has not changed its regulatory stance, according to a Kyiv official. Ukraine has continued to follow in the footsteps of the European Union in regard to adopting digital asset laws, Ukraine’s securities commissioner Yurii Boiko told Cointelegraph in an interview. Boiko said that the Ukrainian lawmakers have been working to implement major European crypto regulations, known as the Markets in Crypto Assets regulation, or MiCA. “The approach to the regulation of the virtual asset market has not changed during the war,” Boiko stated, adding: “We clearly …
Adoption / Feb. 28, 2023