By George Ward
According to reports, the Ukrainian government is working with international experts to amend the country’s crypto law, dubbed “On Virtual Assets.”
The issue of crypto regulation has gained prominence with recent activities in the crypto space. Countries like Brazil are reigniting efforts toward establishing a regulatory framework for the crypto sector. Other nations like Ukraine are modifying existing crypto laws.
Ukraine To Amend “On Virtual Assets” Law
On December 1st, the advisory board created by the National Securities and Stock Market Commission met to discuss crypto regulation.
The meeting aimed to amend the National Tax Code on cryptocurrency regulation in the nation’s crypto law. Participants of the conference include representatives from the NBU, the President’s Office, the market community, and expert organizations.
Ruslan Magomedov, the Chairman of Ukraine’s National Tax Agency, noted that regulators are collaborating with USAID and Ernst&Young. The aim is to enforce the European MiCA (Markets in Crypto-Assets) bill in the country’s digital asset market.
Meanwhile, a member of Ukraine’s Parliament, Yaroslav Zheleznyak, confirmed that the country’s approach would follow the “do no harm” principle.
“The objective is to ensure the circulation of crypto is safe and legal in Ukraine. However, this will be according to the ‘do not harm’ principle. Hence, the market will receive both regulation and stimulus for competitive advantage and development,” Zheleznyak stated.
Interestingly, Volodymyr Zelensky, the President of Ukraine, signed the “On Virtual Assets” law in March. The bill made two government agencies the primary regulators of the cryptocurrency industry.
The two agencies are the National Bank of Ukraine and Ukraine’s National Securities and Stock Market Commission.
Ukraine Reveals Draft For CBDC Project
Last month, the VAU (Virtual Assets of Ukraine) and a team of pro-crypto lawmakers in Ukraine published a roadmap to develop and promote Web3 in the nation.
According to the roadmap, the country should launch a regulatory sandbox for all Web3 and blockchain projects. Another point of the roadmap is to integrate Ukraine into the EBP (European Blockchain Partnership).
Meanwhile, the recent news comes after the NBU (National Bank of Ukraine) unveiled a draft for its CBDC project, e-Hryvnia (digital Hryvnia), on November 28th.
The purpose of the e-Hryvnia is to supplement the non-cash and cash forms of Ukraine’s National currency, the Hryvnia. Also, Ukraine’s central bank stated that it had presented the e-Hryvnia idea for comment.
Furthermore, the financial institution noted that it would keep improving its CBDC initiative. Thus, it would work with governmental authorities, digital asset market players, and payment enterprises.
Presently, the central bank is contemplating the creation of three potential solutions for the CBDC. The three solutions will differ in terms of primary characteristics and design.