Ukraine’s central bank and NSSMC to draft updated cryptocurrency regulation law

NBU and NSSMC will draft an updated version of the legislation regulating the cryptocurrency market in Ukraine. This is stated in the memorandum, concluded between the government and the IMF.

According to the document, the International Monetary Fund warned of threats to price stability and the effectiveness of monetary policy arising from the virtual assets market.

To prevent risks, the Ukrainian government has been advised to tighten the existing legal framework with consideration of IMF technical assistance and bring it in line with the norms of the European regulation MiCA.

The new document is expected to be presented by the end of June 2024.

As noted earlier, the approved in 2021 law “On Virtual Assets” has been postponed until taxation of digital asset operations is introduced. In addition, the text of the regulatory act has been updated to reflect the norms of the European regulation MiCA.

In turn, the Ministry of Digital Transformation presented a draft of an alternative law.

Earlier, MP Oleksii Zhmerenetsky said that the working group plans to prepare a middle-ground version of regulatory regulation to achieve a compromise between the NSSMC’s and the Ministry of Digital Transformation’s proposals.