Maksym Libanov at the Business & Legal Tax Forum: NSSMC and the NBU are working together to create a quality regulation of the virtual assets market

Maksym Libanov, the Commissioner, took part in the Business & Legal Tax Forum organised by the Yurydychna Praktyka Publishing House. Where he discussed the issues of virtual assets, securities and investments.

Maksym Libanov spoke about the regulation of the virtual assets market in Ukraine: «Today, there is no legal framework for regulating virtual assets in our country. The lack of legislation creates legal uncertainty, which, according to experts, has led to the fact that the cryptocurrency market in Ukraine, which covers almost three million active users, remains in the grey zone. We have significant potential for this market in the country and NSSMC is working to create a legal framework for it based on European standards».

The Commissioner also noted the professional and productive cooperation between NSSMC and the NBU in this area. «The authorities work in partnership for the common goal of creating high-quality market regulation, avoiding unpredictable changes, in particular in taxation, which may adversely affect business», said Mr Libanov.

As a reminder, NSSMC, together with market representatives, the legal community and other interested institutions, has developed a draft law based on MiCA (Markets in Crypto-Assets Regulation). The text proposes rules for regulating the operation of the virtual asset market, taxation, and investor protection. The regulator calls for the draft law to be developed quickly and adopted without delay to bring the virtual asset market in Ukraine out of the grey zone.