Ukraine Is All Set To Update Its Cryptocurrency Framework In Collaboration With International Consultants

The regulatory community of Ukraine, while operating on the crypto agenda of the country as well as the adequate modifications to the virtual assets-related law, is cooperating with international professionals. The series takes into account the international consultancy company Ernst&Young as well as the USAID Financial Sector Reform project.

Ukraine Moves to International Advisors to Develop Its Crypto Agenda

On the 1st of December, the Advisory Council on the Regulation of Virtual Assets – which is organized on the behalf of the National Securities and Stock Market Commission – conducted its initial conference. The regulatory professionals debated over the amendments to the law named “On virtual assets.” This move is targeted to synchronize the National Tax Code as well as the crypto regulation.

At the respective event, the representatives of the office of the President, the National Bank of Ukraine, the market community, as well as prominent institutions were present. The chairman of the National Tax Agency of Ukraine, Ruslan Magomedov, disclosed that the regulators are operating in close cooperation with USAID and Ernst&Young for the enforcement of regulation called the Markets in Crypto Assets (MiCA) in Ukraine.

As stated by the Ukrainian Parliament (Rada) member “Yaroslav Zheleznyak,” the national approach of the country toward digital assets will be based on the principle of causing no harm. As per the parliament member, the attention is focused on legalizing as well as securing the circulation of cryptocurrencies in the Ukrainian jurisdiction without causing any harm.

In March this year, Volodymyr Zelensky, the President of Ukraine, inked the law covering virtual assets. The respective bill places the National Bank of Ukraine and the Stock Market Commission of Ukraine in the position of two well-known regulators in the market of cryptocurrency.

In November 2022, a team of crypto-favoring policymakers in Ukraine as well as Virtual Assets of Ukraine (VAU) – a public union – disclosed a mutual roadmap to advocate for and develop the Web3 space in Ukraine. The roadmap recommends launching a regulatory sandbox dealing with Web3 and blockchain-based projects.

Ukrainian National Bank Issues a Draft Concept for a Potential CBDC Project

It additionally focuses on the construction of a blockchain-powered piece of land along with Ukraine’s integration into the European Blockchain Partnership. Recently, the country’s national bank issued a draft idea associated with a central bank digital currency (CBDC). As per the statement, the e-hryvnia’s main target is to carry out the entirety of the operations of currency by offering a substitute for hryvnia’s non-cash as well as cash forms.

While discussing with the people representing the market of virtual assets, the bank, as well as the non-banking financial organizations, the National Bank brought to the front the e-hryvnia’s potential design, its architecture, the features, as well as the benefits to be provided by it for the providers of payment services. The bank touched on the likely use cases of its central bank digital currency which is presently going through its development procedure.

The project was introduced in the conclusive week of September, with the target of detecting the likelihood of the digital hryvnia’s issuance on a large scale across the country. While the idea was under its development, the regulatory agency established its distinctive research as well as a survey of the experts in the financial market to determine the demand for the CBDC project.

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