Ukraine cooperates with international consultants to launch national cryptocurrency

According to the government portal of Ukraine, the first meeting of the Advisory Council on Virtual Assets Regulation, organized by the National Securities and Stock Market Commission, took place on December 1. Experts discussed amendments to the Law on Virtual Assets and the adaptation of the Tax Code for crypto regulation.

Ukraine needs to update its laws and partner with international industry representatives to launch a national cryptocurrency. «Our goal is simple — to make crypto turnover in Ukraine legal and safe, but on the principle of „do no harm“, so that the market receives incentives for development and competitive advantages rather than regulation ,» said Yaroslav Zheleznyak, MP of Ukraine.

According to Ruslan Magomedov, Head of the National Tax Service of Ukraine, the regulators are working closely with Ernst & Young and USAID to implement the European Cryptocurrency Markets Regulation (MiCA) in Ukraine.

A few days ago, the National Bank of Ukraine (NBU) presented the concept of the digital hryvnia (CBDC). «The development and implementation of e-hryvnia may be the next step in the evolution of Ukraine’s payment infrastructure. The asset will facilitate the digitalization of the economy, further spread of cashless payments, reduce their cost, increase their transparency, and increase confidence in the national currency in general. This will strengthen the NBU’s ability to maintain price and financial stability as a key to sustainable economic growth ,» said Oleksiy Shaban, Deputy Governor of the NBU, at the time.