In Science and Space: In Ukraine, work is being done to revise the legal act that governs cryptocurrencies in order to harmonise the country’s legislation with European norms. Several Kyiv government entities are proposing amendments to the Law “On Virtual Assets,” which was signed into law earlier this year.
Ukraine’s major piece of legislation governing the country’s crypto space, the Law on Virtual Assets, will be revised in compliance with the rules of the European Union’s Markets in Crypto Assets (MiCA) legislative package.
Ukraine to Transpose European Crypto Regulations Into National Law
Ukraine must adjust its national legislation to European norms now that it has been designated as a candidate for EU membership, according to the country’s Ministry of Digital Transformation, as quoted by the crypto news outlet Forklog.
The new version of the “On Virtual Assets” law is expected to be filed before the end of 2022. The NSSMC highlighted that the change is required in order to draught guidelines for cryptocurrency taxation, which will be proposed in a separate bill. The VA Act will go into effect only if Ukraine’s Tax Code is amended.
Government efforts to regulate the crypto industry come after Ukraine progressively emerged as a regional and global leader in cryptocurrency use. Chainalysis, a blockchain analytics startup, puts the country third in the newest edition of its global crypto adoption index. Ukraine was designated as a candidate for EU membership in June. The key players in the European Union’s complex legislative process — the Parliament, Council, and Commission — agreed in early July to adopt MiCA across the 27-member bloc.