Ukraine may be first country to adopt EU MiCA rules

Officials revealed that Ukraine intends to enforce new crypto market rules recently approved by the European Parliament.

Ukraine Prepares to Incorporate EU Encryption Regulations into National Law

Ukraine, a regional leader in cryptocurrency adoption, now plans to follow in the footsteps of the European Union, the global leader in cryptocurrency regulation. The statement in the capital Kiev indicated that Ukrainian authorities would incorporate the new EU standards into the domestic legal framework.

On Thursday, European lawmakers formally approved the Marketplace in Cryptoassets (MiCA) regulatory package. This is the world’s first effort to fully regulate the crypto space. It introduces encryption service provider licensing and investor protection mechanisms.

“This is truly a historic event, and I believe Ukraine will be one of the first countries to include this provision in national legislation,” said Yuriy Boyko, a member of the U.S. Securities and Exchange Commission’s National Voting Committee of Ukraine. (NSSMC) commented.

Boyko said the draft terms are almost ready and officials will begin negotiations with key stakeholders soon.

“NSSMC is actively working with partners to launch a virtual asset market in Ukraine, based on MiCA regulation.”

“Together with our colleagues at the NSSMC, we aim to implement some MiCA provisions so that crypto assets are also legal in Ukraine,” confirmed Yaroslav Zheleznyak, a member of the Ukrainian parliament.

Lawmakers in Ukraine, a candidate for EU membership, first passed a draft “virtual assets” bill in September 2021, but the bill was returned and corrected by President Volodymyr Zelensky. Amendments were made based on his recommendations and were approved in February 2022 before being signed into law. It will come into force after the Verkhovna Rada’s deputies approve the relevant amendments to the tax code.

While the country’s crypto tax rules are yet to come out, the Lviv office of Ukraine’s State Tax Service has taken matters into its own hands and clarified the taxation of cryptocurrency-related income.

“Individuals’ income from the sale of cryptocurrencies is included in the total annual taxable income,” the regional tax watchdog explained in a bulletin released this month.

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