Ruslan Magomedov, Chairman of the National Securities and Stock Market Commission (NSSMC) of Ukraine, in an interview with Incrypted, spoke about the updated draft law on the regulation of virtual assets, the future of cryptocurrencies, and his personal experience.
On April 24, the Verkhovna Rada Committee on Finance, Taxation and Customs Policy supported the updated draft law on virtual assets. The document defines different types of digital assets, their taxation and advertising. A grace period of 5% is envisaged for 2026. Additionally, it is proposed to tax mining, staking, and airdrops. However, it is not certain that it will be approved. Also by October this year, it is planned to prepare a draft law on virtual assets in Ukraine with the distribution of regulatory powers based on the European MiCA directive.
According to Magomedov, the updated draft law provides for the transition to EU standards (MiCA) due to Ukraine’s candidate status in the EU. The support is provided by Ernst & Young, a «Big Four» audit firm, which also includes Deloitte, KPMG, and PwC.
«The first draft law submitted to the committee was one developed by the NSSMC. It envisaged, as the MiCA and the entire world practice envisages, that the crypto asset market, which belongs to the money market, that is, CBDC and those assets related to money, would go to the [control of] the National Bank, and those related to some kind of derivatives or commodities and everything else would go to the Commission,» Magomedov said.
As a result of the committee’s revision of the document, the National Bank was left out of the first reading, and instead of the Commission, a provision was added that the Cabinet of Ministers of Ukraine would appoint a body in consultation with the National Bank.
Re criticized by the head of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy Danylo Hetmantsev «matrix» cryptocurrency taxationThe NSSMC chairman called it an attempt to explain in a clear and more or less human language what the Commission proposes in the draft law.
Also, since it will be difficult to confirm the origin of cryptocurrencies, a tax amnesty is proposed: a one-time payment of 5% of the sale and the first time not to show the origin of assets.
It is expected that after the law on the regulation of virtual assets is adopted, direct transactions of crypto platforms with hryvnia bank cards, which are currently suspended, will resume.
Magomedov noted that he and his business partner once had a crypto exchange and had bitcoin left on some wallet somewhere. But they could not devote enough time to the business, so they decided to close it.
Source: Incrypted