Ukraine is reportedly working on new crypto regulations inspired by the EU Markets in Crypto-Assets (MiCA), with the aim of implementing them before the end of the year. The National Commission on Securities and the Stock Market, the Ministry of Digital Finance, the National Bank of Ukraine, and MPs are currently working on the plan. The Verkhovna Rada's Financial Committee is also working on proposals in conjunction with law enforcement agencies, with input from EY and USAID Financial Sector Reform. The central bank will have the final say on the bill, which will likely include spelling out legal terms for cryptoassets and focusing on taxation-related matters. Traders would likely be obliged to pay capital gains tax on crypto-to-fiat sales only, with crypto-to-crypto trades not subject to any taxation.

(By Tim Alper)