BTC 0.13%
$61,272.16
ETH 1.78%
$3,376.43
SOL 7.91%
$137.77
PEPE 11.60%
$0.000011
SHIB 3.10%
$0.000017
BNB 1.18%
$571.89
DOGE 4.59%
$0.12
XRP -0.45%
$0.47
$PLAY
presale is live

New Ukrainian Crypto Regulations to Debut by Year’s End – Here’s All You Need to Know

Tim Alper
Last updated: | 1 min read
Five metal coins decorated with the Bitcoin logo against the backdrop of a Ukrainian flag, featuring the trident-style national symbol.
Source: Quatrox Production/Adobe

Ukraine is set to roll out new, EU-inspired crypto regulations, with Kyiv hoping to impose the rules before the year is out.

Forbes Ukraine reported that the National Commission on Securities and the Stock Market, the Ministry of Digital Finance, the National Bank of Ukraine (the central bank), and MPs are currently working on a plan.

The news follows developments earlier this month when politicians revealed they would adopt EU Markets in Crypto-Assets (MiCA)-inspired regulations.

MiCA was adopted into EU law in the second half of 2022.

The media outlet stated that Verkhovna Rada’s Financial Committee is working on new proposals.

The committee is working in conjunction with law enforcement agencies.

It added that several “crypto market players” were also advising on the new regulations.

The international financial firm EY (Ernst & Young) and USAID Financial Sector Reform are also reportedly “advising.”

These parties have formed a “working group.”

But the central bank will have the final say on the bill.
 

A graph showing weekly trading volumes on the KUNA crypto exchange.
Weekly trading volumes on the KUNA crypto exchange, one of the largest UAH-trading platforms. (Source: CoinGecko.com)

The new legislation will likely “be adopted before the end of the year and will directly affect the Ukrainian crypto market,” Minfin reported.

The committee’s First Deputy Chairman Yaroslav Zheleznyak claimed the draft bill could be “submitted to parliament in the summer session” and “adopted before the end of the year.”

Zheleznyak confirmed that MiCA would provide the benchmark for the new regulations.

He noted that the “document” would “be adapted to European standards.”

Zheleznyak added that the new bill would be “more thorough and detailed” than a previous crypto law passed in 2021.

Politicians said legal terms for cryptoassets would be comprehensively spelled out.

They added that the bill would also focus on taxation-related matters.

Zheleznyak added that the bill will “most likely tax [gains] from cryptoassets after [traders] convert [coins] to fiat currencies.”

This would likely mean that traders would be obliged to pay capital gains tax on crypto-to-fiat sales only.

Crypto-to-crypto trades will likely not be subject to any form of taxation.