Ukraine is preparing for the launch of the virtual asset market.

The National Securities and Stock Market Commission presented a draft law regulating virtual asset turnover in Ukraine.

The basis of the document is the MiCA EU Regulation (Markets in Crypto Assets), which is being implemented in Ukraine. The bill provides changes to the Tax Code, a new version of the On Virtual Assets law, and changes to other legislative acts. In general, the document outlines the mechanism of legal regulation, the scope of legal obligations for market participants, the concept of taxation, and the issue of protecting investors’ rights against fraud and other illegal actions.

“Ukraine can become the first country in Europe to introduce MiCA into its legal regulations because no jurisdiction has done it yet“, said the head of the National Securities and Stock Market Commission, Ruslan Magomedov.

The EU regulation on Markets in Crypto assets (MiCA) will take effect in the EU on June 29, 2023.