The collaboration would discuss steps to insert laws on crypto regulation into its tax code.
Ukraine took concrete steps towards adopting crypto and web3 in the future by launching an initiative through which they planned on updating their crypto framework. A meeting was held on December 1, where the regulatory authorities discussed the various amendments to the Ukrainian law on virtual assets and the incorporation of crypto regulations into its tax code.
The authorities have begun regular advisories with international consultants. The first meeting comprised the Advisory Council on the Regulation of Virtual Assets, convened by the National Securities and Stock Market Commission. Several reputed consultants like Ernst and Young and USAID Financial Sector Reform project are involved in this collaborative initiative.
“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.”, said a Member of the Ukrainian Parliament, Yaroslav Zheleznyak. Ukraine has been making strides in 2022 in adopting web3, even during its ongoing conflict, drawing praise from experts worldwide. President Zelensky also signed a law in March 2022, which gave regulatory authority to the National Bank of Ukraine and National Securities and Stock Market Commission of Ukraine for crypto .