Ukraine National Commission on Securities and Stock Market publishes virtual asset tax matrix to inform draft market regulation

The Ukraine National Commission on Securities and Stock Market (NSSMC) has published a “tax matrix” setting out alternative approaches to taxing virtual assets, as legislative work continues on a draft law to regulate Ukraine’s virtual assets market. Development of the draft law is ongoing within a working group under the Verkhovna Rada’s Committee on Finance, Tax and Customs Policy. While virtual asset taxation sits within the remit of tax authorities and the relevant parliamentary committee, the NSSMC framed the matrix as a tool to show the advantages and disadvantages of different models and how they could affect both the market and tax liabilities; the Commission said it has already presented the document to the parliamentary working group and is now sharing it with potential market participants. Work on the draft law and coordination of the taxation approach are continuing, and the NSSMC is inviting feedback from the crypto community on market regulation.