In a recent announcement by the National Securities and Stock Market Commission of Ukraine (NSSMC), a new advisory council has been elected to oversee the development of the regulation of digital assets in the country.
As per the statement released by the commission, the newly-established body seeks to be comprehensive and consists of members from diverse sections like relevant regulatory institutions, leading market experts, and other enthusiastic individuals. The opinion of everyone associated with the group is important and would shape the essential provisions related to digital assets.
The group will primarily focus on the essential amendments required to the country’s Tax Code including the topic of taxing cryptocurrency transactions. Additionally, the council will provide quality expertise and professional evaluation to regulatory departments facing issues relevant to the regulation of activities in the crypto market.
These amendments would also facilitate the enforcement and implementation of Ukraine’s bill on virtual assets.
In September 2021, Ukraine passed its law “On Virtual Assets”, which was first rejected by the country’s president but was later approved in March 2022, following a few revisions. In September 2022, Ukraine brought in a few amendments to its legislation to be on point with the EU’s Markets in Crypto Assets (MiCa) regulation.
According to the officials, the newly formed group will make amendments to the country’s virtual assets law however in a manner that it continues to adhere to MiCa.
In August, Ukraine also revealed its high reliability on crypto for donations amid the ongoing war with Ukraine. The country previously had established itself well in the industry with a high rate of crypto adoption.
Earlier this year, India also announced its plans to tax all receivable digital asset gifts and the highest slab is on crypto i.e. 30% as reported by Todayq.