Ukrainian bitcoin-market regulator announces cooperation with Ernst & Young auditors

The Consultative Council on virtual asset regulation in Ukraine determined the next steps for refining the relevant legislation.

Participants included representatives of NCSSM, the Office of the President, the National Bank of Ukraine, and other state structures, as well as market experts.

They discussed the already developed changes to the law “On Virtual Assets” regarding their scope and definitions, as well as the taxation concept.

According to Ruslan Magomedov, head of the NCSSM, the regulator is cooperating with the auditing firm Ernst & Young and sectoral bodies to implement European standards under MiCA in the Ukrainian virtual asset market.

The deputy head of the Office of the President Rostyslav Shurma stated the need for “maximum involvement of all parties” in the industry’s regulation:

“We must focus our efforts on creating a virtual assets market in Ukraine.”

The Consultative Council has been formed to work on the draft law on taxation of digital asset transactions and changes to the Law “On Virtual Assets”, adopted in February 2022.

Earlier representatives of the Ministry of Digital Transformation and the NCSSM stated that cryptocurrency regulation in Ukraine will be revised in light of EU norms.

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