The Ukrainian law ‘On Virtual Assets (VA)’, affecting the cryptocurrency market as well, will be revised taking into account the provisions of the European draft regulation on crypto-asset regulation MiCA. In a comment to ForkLog UA, representatives of the Ministry of Digital Transformation said.
According to them, after Ukraine received candidate status for EU membership, local legislation needs to be adapted to European standards.
Besides the Ministry of Digital Transformation, the corresponding amendments to the VA law are being prepared by НКЦБФР, the National Bank of Ukraine, and market participants.
The document may undergo substantial changes.
“The review, perhaps, will touch even the adopted VA classification. The terms of the VA’s initial offering and much else will also be revised,” the ministry said.
The National Securities and Stock Market Commission added that updating the law is essential for the subsequent development of cryptocurrency taxation rules, to be prepared in a separate bill.
The new version of the document is expected to be presented by the end of 2022.
Ukraine’s ‘On Virtual Assets’, adopted in September 2021, will not come into force until changes are made to Ukraine’s Tax Code. It is unknown when this will happen. Complex issues and martial law may slow the process.
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