Ukraine Updates the Crypto Framework
2022.12.02 05:56
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Ukraine Updates the Crypto Framework
Budrigannews.com – The Ukrainian Regulatory Society is actively working with international experts in the work on national cryptosystems, these are amendments to the law “On Virtual Activation.
“The list includes a US project to reform the financial services sector, as well as the international consulting company Ernst United. At the first meeting of the National Commission on the Securities and Stock Market on December 1, a Consultative Council on Legislation on Virtual Assets was established.
The topic of discussion of amendments to the law “On Virtual Activity”, which should be adapted by the National Tax Code for crypto regulation, became a matter of discussion among regulatory experts. The event was attended by representatives of the Office of the President, the National Bank of Ukraine, trade union organizations and the market.
The Chairman of the Tax Agency of Ukraine, Ruslana Magomedov, was informed that the authorities are jointly cooperating with the US Agency for International Development USAID on the introduction of European regulation of MICA cryptocurrency markets in the Ukrainian virtual asset market.
The strategy of national policy will be based on the principle of “do no harm”, – said Yaroslavzheleznyak, a member of the Ukrainian Parliamentary Parliament of the Rada.
“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”
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 also puts into action the incorporation of Ukraine into the European Blockchain Partnership and the creation of a national land and real estate register supported by blockchain technology.
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