Ukraine is on the verge of epochal changes: now we not only have a law on virtual assets, but also someone (supposedly) will regulate it all. But who exactly? Who will become the cryptocerberus who will make sure that your bitcoins do not escape to offshore beaches? The answer is obvious: it is the national crypto regulator! Well, or as we have it — a bunch of different bodies that will find out among themselves who is cooler.
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The main characters of this circus
1. National Securities and Stock Market Commission (NSSMC):
These guys consider themselves crypto godfathers. Their job is to make sure your tokens don’t turn into pyramid schemes. They have the right to regulate anything that looks like an investment. Does that sound serious? Of course, unless you consider that they probably learned about cryptocurrency from the news.
2. National Bank of Ukraine (NBU):
These serious guys are always on guard. They will be responsible for ensuring that crypto does not replace the hryvnia. That is, if you are thinking of buying coffee with bitcoins, be prepared for the NBU to say "no-no, we have cash hryvnia - and that is enough."
3. Financial Monitoring Service (FMS):
Golden guys with magnifying glasses. They will make sure that your crypto transactions are not linked to "money laundering". Have you bought Monero? Congratulations, the SFM is already watching you!
4. Tax Service:
Well, these guys love money. Once you exchange your crypto for real money, you'll be invited to talk about personal income tax, military service, and your "entrepreneurial activities."
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What will come of this?
Ukrainian state bodies are like a rock band without rehearsals: everyone will play their part, and the result will be something terrible, but loud. We expect:
Paperwork: To register a crypto business, you will need to submit a bunch of applications and prove that your business is not a casino.
Conflicts of authorities: Who regulates stablecoins? And NFTs? And DeFi protocols? We expect endless disputes between the NBU and the NSSMC.
Sudden inspections: If you are an active trader, sooner or later the tax office will visit you with the question: "Where is your 19.5%?"
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What does this mean for us?
If you simply buy Bitcoin and keep it in your wallet, you have nothing to fear.
If you trade via p2p, the tax authorities may be interested in your profits.
If you are launching a crypto business, get ready to dance with documents before the National Securities and Markets Commission and the National Bank.
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Finale
The Ukrainian crypto regulator is like a superhero blockbuster: all the heroes are gathered, but there is zero coordination. As a result, we will get a bunch of rules that will contradict each other, and ordinary users will again sit on forums and Google: "Is it legal to withdraw money from Binance in Ukraine?".
So hold on to the crypto tightly, dear Kryptonians, and remember: regulation is good, but bureaucracy is our national superpower!
