Cryptocurrency transfers with bitcoin may be taxed in Ukraine

Representatives of the National Securities and Stock Market Commission of Ukraine presented a draft law on the regulation of cryptocurrency transfers with bitcoin.

The Chairman of the NSSMC noted that further development of the digital asset industry requires the creation of clear and transparent rules, and this vision is shared by various financial regulators in many countries.

«The Commission, as one of the designated regulators of the cryptoassets market in Ukraine, together with international partners, has developed a draft law „On Virtual Assets“ that takes into account the norms of the European MiCA regulation. We believe that the MiCA regulations should be implemented into national legislation. Thedocument is now at the final stage of approvals, after which we will publish it and wait for market feedback,» emphasized Ruslan Magomedov.

According to the NSSMC representatives, the ideal regulatory formula consists of a balance of the interests of society and the state. Excessively strict «rules of the game» can negatively affect the development of the virtual asset market and blockchain technologies. On the other hand, broad «self-regulation» of the market can cause significant damage to investors whose assets must be protected.

«Our goal is to establish rules that would protect investors and make the work of the virtual asset market transparent,» said Commission member Yuriy Boyko.

Interestingly, in March, representatives of the National Bank of Ukraine (NBU) expressed an ambiguous position on cryptocurrencies. According to experts, after a year of war, both positive and negative aspects of digital assets can be identified. However, the NBU’s attitude to cryptocurrencies remains skeptical, due to the financial and economic problems caused by Russia’s invasion, the NBU press service said.