Conflict had no affect on Ukraine’s regulatory method to crypto, Kyiv lawmaker says

A yr after Russia’s invasion, Ukraine continues engaged on cryptocurrency laws, however the warfare has not modified its regulatory stance, in accordance with a Kyiv official.

Ukraine has continued to observe within the footsteps of the European Union in regard to adopting digital asset legal guidelines, Ukraine’s securities commissioner Yurii Boiko advised Cointelegraph in an interview.

Boiko mentioned that the Ukrainian lawmakers have been working to implement main European crypto rules, generally known as the Markets in Crypto Belongings regulation, or MiCA.

“The method to the regulation of the digital asset market has not modified through the warfare,” Boiko acknowledged, including:

“We clearly know the place we must always go, as a result of our path is European integration and the introduction of higher EU norms and guidelines to our markets. Subsequently, we confidently go our personal means and implement MiCA rules into the legislative plan.”

Boiko famous that the adoption of crypto laws in Ukraine has been slowed down primarily because of the have to develop essential amendments to the nation’s tax and civil codes. One other issue is Ukraine’s path to European integration, the official mentioned, including that Ukraine’s Nationwide Fee on Securities and Inventory Market (NSSMC) has been actively cooperating with worldwide colleagues to implement rules like MiCA.

NSSMC commissioner Yurii Boiko

Based on Oleksii Zhmerenetskyi, head of the parliamentary group Blockchain4Ukraine, the nation’s legislature initially began engaged on regulating the cryptocurrency market again in October 2017. 

“Sadly, at the moment, the Verkhovna Rada of the eighth convocation was unable to undertake a crypto legislation, and solely for the reason that election of President Volodymyr Zelensky, Verkhovna Rada of the ninth convocation returned to consideration of it,” Zhmerenetskyi mentioned. The lawmakers subsequently created the Blockchain4Ukraine group along with greater than 50 deputies in September 2019, he famous.

Zhmerenetskyi added {that a} working group below the NSSMC is presently finalizing a bundle of amendments to the draft legislation “On Digital Belongings” with a view to adapt it to MiCA, which will probably be voted on by the European Parliament in April. As quickly because the bundle is adopted and signed by the president, the NSCSM and the Nationwide Financial institution of Ukraine (NBU) will put together by-laws after which Ukraine will formally launch the digital property market, he mentioned.

“We plan to do that by the top of this yr,” Zhmerenetskyi acknowledged.

Associated: Ukraine netted $70M in crypto donations since begin of Russia battle

As beforehand reported, Ukraine’s central financial institution banned Bitcoin (BTC) purchases with the native forex, the Ukrainian hryvnia, in April 2022. The NBU solely allowed Ukrainians to purchase crypto with overseas forex and whole month-to-month purchases not exceeding 100,000 hryvnia, or $3,300, on the time.