IMF Delays New Cryptocurrency Regulation in Ukraine

The International Monetary Fund (IMF) has postponed the preparation of an updated version of legislation on the regulation of virtual assets in Ukraine to the end of December 2024. It was previously scheduled for completion by the end of June.

The development of the regulatory document remains the responsibility of the NBU and the NSSMC.

In the coming years, the IMF will continue to provide technical assistance to Ukrainian authorities in implementing reforms to meet post-war needs. This will include defining principles for the taxation of virtual assets in accordance with EU rules.

Following the meeting on the third review of Ukraine’s Extended Fund Facility (EFF) program, the IMF’s executive board approved the disbursement of the next tranche amounting to $880 million.

The EFF, approved in March 2023, is designed for four years and provides for total financing of $15.6 billion.

Earlier, the development of cryptocurrency market regulation was also included in Ukraine’s National Revenue Strategy for 2024-2030 and in the list of reforms amounting to €50 billion.