Fun

New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations

News Feed - 2022-11-21 03:11:26

New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations


A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation. Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine


The National Securities and Stock Market Commission of Ukraine (NSSMC) has set up an advisory council that will be entrusted with the further development of the regulations for the digital asset market in the Eastern European nation.


The new board’s first task will be to prepare amendments to the country’s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the authorities in Kyiv said in an announcement published before the weekend.


The changes are necessary in order to enforce Ukraine’s law “On Virtual Assets,” which was adopted in September 2021 and signed after revisions by President Volodymyr Zelenskyy in March, this year. The council will draft the respective amendments to the VA law, too. According to the NSSMC, the law will be finalized taking into account the provisions of the European Markets in Crypto Assets (MiCA) framework, the crypto news outlet Forklog noted in a report.


The board, expected to “provide quality expertise and professional evaluation,” will also coordinate efforts of government institutions in finding solutions for other issues pertaining to the regulation of activities in the crypto market.


The body will comprise representatives of relevant regulatory bodies, leading market experts and other interested participants. “The opinion of all parties to the process is important and interesting for the Commission, so it is ready for an open and constructive dialogue,” the statement emphasized.


Amid an ongoing war with Russia, Ukraine has been relying on crypto donations to fund its defense and humanitarian efforts. Before the conflict started in late February, the country had already established itself as a regional leader in terms of crypto adoption. Tags in this story amendments, board, commission, council, Crypto, crypto assets, crypto taxation, Cryptocurrencies, Cryptocurrency, Law, Legislation, NSSMC, Regulation, Regulations, regulator, Securities, Stock Market, Tax, Taxation, Ukraine, ukrainian, virtual assets, watchdog


Do you expect Ukraine to quickly regulate the taxation of crypto transactions amid ongoing hostilities with Russia? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Brussels Set to Begin Talks on EU Crypto Tax, Report Reveals TAXES | Nov 12, 2022 Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders TAXES | Nov 9, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance CEO: We Don’t See a Viable Business in India Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Helen Partz10 hours agoTether credits USDT growth surge to ETF excitement, emerging marketsTether’s USDT added at least $20 billion to its market capitalization in 2023, while rival stablecoin USDC lost the same amount
Goldman Sachs Hosting Bitcoin Call as Institutional Interest in Cryptocurrency Surges
Goldman Sachs Hosting Bitcoin Call as Institutional Interest in Cryptocurrency SurgesAs interest in cryptocurrency grows among institutional investors, global investment banks, like
Bitcoin, Ethereum Technical Analysis: BTC Below $16,000 Amid Increased Market Volatility
Bitcoin, Ethereum Technical Analysis: BTC Below $16,000 Amid Increased Market Volatility Bitcoin slipped below $16,000 on Nov. 21, as markets continued to react to the news that th
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions The U.S. Internal Revenue Service (IRS) has modified the crypto
BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation
BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation Over the last few days, Bitcoin Cash proponents have been debating the Infrastructure Funding Pl
Lawmakers to Resubmit Russia’s Crypto Mining Bill, Introduce Liability for ‘Gray’ Miners
Lawmakers to Resubmit Russia’s Crypto Mining Bill, Introduce Liability for ‘Gray’ Miners The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliam
Mid-Way Cool Down: Analysts Believe Bitcoin Price Cycle Is Incomplete, Trader Says BTC’s ‘Next Move Should Be Cycle’s Top’
Mid-Way Cool Down: Analysts Believe Bitcoin Price Cycle Is Incomplete, Trader Says BTC’s "Next Move Should Be Cycle"s Top" The price of bitcoin is down 16% over the last 30 days
Gareth Jenkinson10 hours agodYdX launches layer-1 blockchain, validators and stakers set to receive all feesdYdX completes the launch of its layer-1 proof-of-stake blockchain with the creation of its genesis block by cha
Zhiyuan Sun3 hours ago$656M lost from crypto hacks, scams and rug pulls in H1 2023: ReportApproximately $215 million of stolen assets have since been recovered.718 Total viewsListen to article 0:00NewsJoin us on social n
German Ramirez11 hours agoWhy brand consistency matters and how Web3 companies are failing to deliverChoosing a realistic, appealing brand promise to a specific audience can improve the ability to endure difficult market
Dogecoin Open Interest Averages $2 Billion In June As Price Struggles Below $0.2
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Cardano Approaches Critical Resistance – Break Above Could Trigger Move To $0.80
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu