The first meeting of the Advisory Council on Regulation of Virtual Assets was held

Today, December 1, 2022, the first meeting of the Advisory Council on the Regulation of Virtual Assets, organized by the National Securities and Stock Market Commission, was held.
The event was attended by representatives of the President’s Office, management and specialists of the National Bank of Ukraine, representatives of the deputy corps, specialized bodies, leading market specialists and other interested participants.
Rostyslav Shurma, Deputy Head of the Office of the President of Ukraine, noted during the meeting: «Today we must concentrate our efforts on joint work on the introduction of the virtual asset market in Ukraine. We have a responsible body – the National Securities and Stock Market Commission, which already actively works with international partners and specialized bodies. But there should be maximum involvement of all parties in this process, because we are working on the result right now.»
Ruslan Magomedov, the Chairman of the NSSMC, for his part, said: «The NSSMC is actively working with international colleagues from Ernst&Young, with the support of the USAID Financial Sector Reform project, and other specialized bodies on the implementation of the European MiCA regulation in the Ukrainian virtual assets market. And we are grateful for the results we have today and the expertise we received. It is these joint developments that will become the foundation of key changes to the main law on virtual assets and the Tax Code of Ukraine.
«Yaroslav Zhelezniak, People’s Deputy of Ukraine, noted: «Our committee and I are personally ready to support and help the NSSMC’s team in working on legislative and tax changes for the launch of the virtual asset market in Ukraine. The goal is simple – to make crypto circulation in Ukraine legal and safe, but according to the principle of «do no harm», so that the market receives not regulation, but incentives for development and competitive advantages. This is an important step forward for our country both from an economic and international point of view.»
During the meeting, the participants discussed the importance of a quick launch of the virtual assets market in Ukraine and directions of activity, considered the European MiCA (Markets in Crypto assets) regulation. We also got acquainted with the already developed amendments to the articles regarding the scope of application, definition of terms of the basic law on Virtual Assets and the concept of taxation.
We would like to remind you that the main task of the Consultative Council is to develop and agree on a draft law on amendments to the Tax Code of Ukraine regarding the specifics of taxation of operations with virtual assets and amendments to the Law of Ukraine on Virtual Assets. As well as coordination of other issues regarding the regulatory regulation of activity on the virtual assets market.
For the NSSMC, the opinion of all parties to the process is important and interesting, so it will continue to actively work within the Council to obtain quality expertise and professional assessment in the direction of the implementation of virtual assets.