Updated program with the IMF: Ukrainian virtual asset market to be harmonized with EU rules

The International Monetary Fund (IMF) in its updated Extended Fund Facility (EFF) program, among other things, has identified measures to improve the regulation of the virtual asset market.
The IMF noted that the current legal framework for virtual assets may pose risks to price stability and the efficiency of monetary transmission. Therefore, by the end of December 2024, the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSMC), with technical assistance from the IMF and after consultation with its staff, should jointly prepare an updated version of the legislation on regulating the virtual asset market and bring it in line with international best practices.
Also, by the end of December 2024, the NSSMC should prepare draft capital requirements for financial intermediaries that will be in line with EU legislation.
In addition, as part of the National Revenue Strategy, Ukraine should also define the principles of taxation of virtual assets. These should be harmonized with EU rules, in particular, taking into account information exchange and initiatives of the OECD Global Forum. This work will be supported by technical assistance from the IMF FAD and other international development partners.