Ukraine to Revise Virtual Assets Law in Line With EU Crypto Rules – The key piece of legislation governing Ukraine’s cryptocurrency industry, the “Law on Virtual Assets,” will be modified in compliance with the rules set forth in the Markets in Crypto Assets (MiCA) legislative package of the European Union.
According to the country’s Ministry of Digital Transformation, which was cited by the cryptocurrency news outlet Forklog, Ukraine must adapt its national legislation to meet European criteria now that the East European country has been given the status of a candidate for EU membership.
A year ago, the Ukrainian parliament initially passed the law, but President Volodymyr Zelenskyy returned it with several modifications. The amended legislation was approved by the Verkhovna Rada in February of this year, and in March, Zelenskyy signed it into law.
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The report reveals that there may now be significant changes made to the virtual assets (VA) legislation. The National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC), and industry representatives are also working on the modifications. The digital ministry made clear: “The revision may even affect the adopted classification of virtual assets. The terms for initial VA offerings will also be reviewed.”
Towards the end of 2022, the new version of the law “On Virtual Assets” is most likely to be filed. The NSSMC stressed the change is essential to creating the regulations for cryptocurrency taxation, which will be included in a separate bill. The VA legislation won’t go into effect until the Ukraine Tax Code has been changed.
Following Ukraine’s progressive rise to prominence in terms of regional and global cryptocurrency usage, the government has begun to take steps to regulate the cryptocurrency sector. The country is ranked third in the most recent iteration of the global crypto adoption index by blockchain analytics company Chainalysis.
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Ukraine to Revise Virtual Assets Law in Line With EU Crypto Rules – In June, Ukraine was given the designation of candidate for EU membership. Early in July, the Parliament, Council, and Commission—the three major players in the complex legislative process of the European Union—greed to implement MiCA across the 27-strong bloc.
