New Ukraine Commission Established To Draft Cryptocurrency Tax Regulations

November 21, 2022 - Around 2 mins mins to read

A newly created body under Ukraine’s securities regulator will be tasked with developing rules for taxing cryptocurrencies in the country. The new agency will also be responsible for coordinating the regulation of various crypto activities and regulating existing laws.

According to Bitcoin.com, Ukraine’s National Securities and Exchange Commission (NSSMC) has established an advisory committee to further develop the country’s digital asset market regulations, including crypto tax regulations.

This new body will also be responsible for coordinating the regulation of various crypto activities and regulating existing laws.

Authorities in Kiev said in an announcement before the weekend that the new commission’s first task would be prepare to amend the country’s tax code to reflect the specifics of the taxation of cryptocurrency transactions.

It follows news in September that Ukraine would amend its Virtual Assets Act to EU cryptographic rules to bring the country’s legislation in line with European standards.

The legal authorities of the countries this year are all working to make specific regulations as well as tighten the regulation of cryptocurrencies. Especially after the fall of Terra-LUNA in May and now the collapse of the great empire FTX with consequences that are still undetermined, this need becomes even more urgent.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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