Ukraine’s Crypto Regulatory Roadmap
Despite the turmoil caused by the invasion, Ukraine has remained steadfast in its commitment to developing cryptocurrency legislation. According to Yurii Boiko, the commissioner of the National Commission on Securities and Stock Market (NCSSM), the country is mirroring the regulatory movements of the European Union.
Keeping Pace with the EU: MiCA Regulations
Boiko revealed that Ukrainian lawmakers are diligently working on implementing the EU’s treasured framework for crypto regulations known as MiCA (Markets in Crypto Assets). “The approach to the regulation of the virtual asset market has not changed during the war,” Boiko noted confidently.
- Maintaining a European Integration Path
- Confidently implementing MiCA regulations
As Boiko put it, “We clearly know where we should go because our path is European integration.” In simpler terms, Ukraine has the map, and they’re determined to follow it, dodging obstacles along the way like pros at an obstacle course.
Challenges on the Legislative Front
However, progress has not been a cakewalk. Delays have surfaced primarily due to the necessity to amend tax and civil codes to fit the new crypto narrative, which seems to be as complicated as teaching a cat to fetch. Boiko emphasized the importance of international collaboration, stating that the NCSSM continues to work closely with international partners to navigate these regulatory waters.
A Historical Perspective on Ukraine’s Crypto Aspirations
Crypto legislation in Ukraine may sound like a relatively recent endeavor, but it dates back to October 2017. Oleksii Zhmerenetskyi, head of the parliamentary group Blockchain4Ukraine, shared that earlier attempts stuttered due to political roadblocks. Since the election of President Volodymyr Zelensky, the Verkhovna Rada has reignited its focus on this pressing issue, giving crypto enthusiasts a reason to cheer from the sidelines.
Future Outlook: A Virtual Assets Market on the Horizon
As hopes rise, Zhmerenetskyi pointed out that a working group under the NSSMC is finalizing amendments to the draft law titled “On Virtual Assets”. The aim? To adapt it to MiCA before the European Parliament votes on it in April. Once the legislative dust settles and the President gives the green light, a well-oiled machine comprised of the NSSMC and the National Bank of Ukraine (NBU) will whip up the necessary by-laws to get Ukraine’s virtual assets market rolling.
“We plan to do this by the end of this year,” Zhmerenetskyi confirmed, which makes one wonder if we’re in for a regulatory fireworks show.
The Current State of Crypto Transactions in Ukraine
In the midst of these regulatory happenings, it’s worth noting that as of April 2022, the NBU had thrown a wrench in the works by banning Bitcoin purchases made with the local currency, the hryvnia. Ukrainians eager to dive into the crypto scene have to rely on foreign currency, with total purchases capped at 100,000 hryvnia (around $3,300) a month.
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