The new council under the Securities Supervision Service of Ukraine will develop rules for the taxation of cryptocurrencies

New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations

A special council under the securities regulator of Ukraine will be tasked with developing rules for taxing cryptocurrencies in the country. The new body will also be responsible for coordinating the regulation of various cryptocurrency transactions and adjusting applicable legislation.

The Advisory Board will take on issues related to the taxation of cryptocurrency in Ukraine

The National Securities and Stock Market Commission of Ukraine (NSCM) has set up an advisory board tasked with further developing digital asset market regulations in the Eastern European nation.

The first task of the new council will be the preparation of amendments to the Tax Code of the country, reflecting the specifics of the taxation of operations with cryptocurrency, according to a message from the authorities of Kyiv, published on the eve of the weekend.

The changes are necessary to ensure compliance with the Law of Ukraine “On Virtual Assets”, adopted in September 2021 and signed after completion by President Volodymyr Zelensky in March of this year. The Council will also prepare relevant amendments to the law on virtual income. According to NSSMC, the law will be finalized taking into account the provisions of the European Crypto Asset Framework (MiCA), crypto news publication Forklog notes in its report.

The council, which is expected to “provide quality expertise and professional judgment”, will also coordinate the efforts of government agencies to find solutions to other issues related to the regulation of activities in the crypto market.

The body will include representatives of relevant regulatory authorities, leading market experts and other stakeholders. “For the Commission, the opinion of all parties to the process is important and interesting, so it is ready for an open and constructive dialogue,” the statement emphasizes.

With the ongoing war with Russia, Ukraine relies on cryptocurrency donations to fund its defense and humanitarian efforts. Even before the conflict began in late February, the country had already established itself as a regional leader in cryptocurrency adoption.

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amendments, board, commission, advice, Crypto, crypto assets, crypto taxation, Cryptocurrencies, Cryptocurrency, Law, Legislation, NSSMC, Regulation, Regulation, Regulator, Securities, Stock Market, Tax, Taxation, Ukraine, Ukrainian, Virtual Assets, Watchtower dog

Do you expect Ukraine to quickly regulate the taxation of cryptocurrency transactions amid ongoing hostilities with Russia? Tell us in the comments section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is what I am, not what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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