Virtual assets and real tasks: how to tax and who and what to regulate
8 April 2025 15:49
The National Commission for Securities and Stock Market has developed a matrix that demonstrates taxation options for various operations with virtual assets – from mining to airdrop. This was announced by the chairman of the Commission Ruslan Magomedov, informs
This matrix, according to the official, is based on international experience and adapted to the Ukrainian jurisdiction, and its task is to help responsible authorities to make an informed decision.
“During this process, it is important to consider the advantages and disadvantages of each model, because these aspects can critically affect the market and tax liability,” Ruslan Magomedov emphasized.
He said that earlier this document had already been presented to the working group under the specialized parliamentary committee. Now potential participants of the virtual assets market can familiarize themselves with it. This can be done at the link.
Distribution of powers between regulators is also on the agenda
In Ukraine, two key bodies are expected to regulate the virtual assets market – the National Securities and Stock Market Commission and the National Bank of Ukraine.
First Deputy Head of the NBU Kateryna Rozhkova said in an interview with Interfax-Ukraine that the draft law on virtual assets in Ukraine with the distribution of powers of regulators will be prepared by October 2025.
According to her, the Ukrainian side together with international partners will clearly define who of the regulators will be responsible for what, but assured that the regulator will definitely not be the Ministry of Digital Economy because of the position of the International Monetary Fund. Although the involvement of this ministry in the work on the bill is welcome.
The first deputy head of the National Bank also said that after the adoption of the above-mentioned law, the NBU will develop its own internal regulations to regulate all issues in its area of responsibility, because the market will need to be streamlined.
Earlier Ukraine presented a model for distribution of powers of regulators
The National Commission on Securities and Stock Market presented its model of authority distribution on the virtual assets market at the end of March. It was also presented to the IMF mission.
According to this model, the National Commission on Securities and Stock Market is responsible for regulating the market of virtual assets that do not fall under the category of electronic money. That is, it will supervise the issuance and turnover of tokens (other than e-money), control the activities of issuers and service providers with virtual assets (other than exchange for money), and counteract abuses.
The National Bank of Ukraine focuses on the regulation of cryptocurrencies, which are classified as electronic money or Electronic Money Tokens (EMT). The NBU will regulate the issuance and trading of electronic money, control its issuers and exchange operations, and prevent abuse in this sector.
