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A special council under Ukraine\u2019s 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. <\/strong><\/p>\n 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.<\/p>\n The new board\u2019s first task will be to prepare amendments to the country\u2019s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the authorities in Kyiv said in an announcement<\/a> published before the weekend.<\/p>\n The changes are necessary in order to enforce Ukraine\u2019s law \u201cOn Virtual Assets,\u201d which was adopted<\/a> in September 2021 and signed<\/a> after revisions<\/a> 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<\/a>) framework, the crypto news outlet Forklog noted in a report.<\/p>\n The board, expected to \u201cprovide quality expertise and professional evaluation,\u201d will also coordinate efforts of government institutions in finding solutions for other issues pertaining to the regulation of activities in the crypto market.<\/p>\n The body will comprise representatives of relevant regulatory bodies, leading market experts and other interested participants. \u201cThe opinion of all parties to the process is important and interesting for the Commission, so it is ready for an open and constructive dialogue,\u201d the statement emphasized.<\/p>\n Amid an ongoing war with Russia, Ukraine has been relying on crypto donations<\/a> 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.<\/p>\nAdvisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine<\/h2>\n