Representatives of the National Bank and the Verkhovna Rada ruled out the adoption of bills on cryptoassets in their current editions

None of the bills currently registered in the Verkhovna Rada on the regulation of virtual assets will be adopted in their current version.

This was stated by People's Deputy, member of the Committee on Finance, Tax and Customs Policy Yaroslav Zheleznyak during a discussion organized by Economic Truth.

According to him, the final version of the bill on regulation of the crypto market and taxation of transactions with virtual assets will be finalized and changed.

Zheleznyak pointed out the need to take into account the clause of the memorandum with the International Monetary Fund (IMF) regarding the regulatory framework for virtual assets.

Let us remind you that according to the document, the National Commission for Securities and Stock Market (NCSM) and the National Bank of Ukraine must prepare updates to the legislation relating to the sector by the end of June 2024.

“Knowing how these processes occur, it will take longer,” Zheleznyak noted.

The director of the NBU Department of Strategy and Development, Arsen Makarchuk, also stated that none of the versions of the draft law on market regulation submitted to the Verkhovna Rada will be adopted.

Zheleznyak said that so far the group involved in developing legislation in the field of virtual assets “does not have a full understanding of how the IMF sees this process.” According to him, a request for consultation has already been sent to representatives of the latter.

Makarchuk noted that given Ukraine’s status as a candidate for EU membership, the approach to regulating the crypto market should be built on the basis of the MiCA regulations. However, it is not yet necessary to fully implement it:

“In fact, MiCA is not working yet. […] Implementing MiCA before it is operational in the EU is a failed approach. We must have a bill that will provide a general framework.”

Taking this into account, the discussion participants noted that it is not yet appropriate to discuss in detail the rules for taxation of transactions with cryptoassets proposed by the bills already presented in Ukraine.