{"id":2480,"date":"2023-04-30T19:27:36","date_gmt":"2023-04-30T23:27:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/new-ukrainian-crypto-regulations-to-debut-by-years-end-heres-all-you-need-to-know\/"},"modified":"2023-04-30T19:27:37","modified_gmt":"2023-04-30T23:27:37","slug":"new-ukrainian-crypto-regulations-to-debut-by-years-end-heres-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=2480","title":{"rendered":"New Ukrainian Crypto Regulations to Debut by Year\u2019s End \u2013 Here\u2019s All You Need to Know"},"content":{"rendered":"
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Ukraine is set to roll out new, EU-inspired crypto regulations, with Kyiv hoping to impose the rules before the year is out.<\/p>\n

Forbes Ukraine reported that the National Commission on Securities and the Stock Market, the Ministry of Digital Finance, the National Bank of Ukraine (the central bank), and MPs are currently working on a plan.<\/p>\n

The news follows developments earlier this month when politicians revealed they would adopt EU Markets in Crypto-Assets (MiCA)-inspired regulations.<\/p>\n

MiCA was adopted into EU law in the second half of 2022.<\/p>\n

The media outlet stated that Verkhovna Rada\u2019s Financial Committee is working on new proposals.<\/p>\n

The committee is working in conjunction with law enforcement agencies.<\/p>\n

It added that several \u201ccrypto market players\u201d were also advising on the new regulations.<\/p>\n

The international financial firm EY (Ernst & Young) and USAID Financial Sector Reform are also reportedly \u201cadvising.\u201d<\/p>\n

These parties have formed a \u201cworking group.\u201d<\/p>\n

But the central bank will have the final say on the bill.
\u00a0<\/p>\n

The new legislation will likely \u201cbe adopted before the end of the year and will directly affect the Ukrainian crypto market,\u201d Minfin reported.<\/p>\n

The committee\u2019s First Deputy Chairman Yaroslav Zheleznyak claimed the draft bill could be \u201csubmitted to parliament in the summer session\u201d and \u201cadopted before the end of the year.\u201d<\/p>\n

Zheleznyak confirmed that MiCA would provide the benchmark for the new regulations.<\/p>\n

He noted that the \u201cdocument\u201d would \u201cbe adapted to European standards.\u201d<\/p>\n

Zheleznyak added that the new bill would be \u201cmore thorough and detailed\u201d than a previous crypto law passed in 2021.<\/p>\n

Politicians said legal terms for cryptoassets would be comprehensively spelled out.<\/p>\n

They added that the bill would also focus on taxation-related matters.<\/p>\n

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Zheleznyak added that the bill will \u201cmost likely tax [gains] from cryptoassets after [traders] convert [coins] to fiat currencies.\u201d<\/p>\n

This would likely mean that traders would be obliged to pay capital gains tax on crypto-to-fiat sales only.<\/p>\n

Crypto-to-crypto trades will likely not be subject to any form of taxation.<\/p>\n<\/p><\/div>\n