A committee of Ukraine’s Verkhovna Rada has approved draft law No. 10225-d, a wide-ranging bill intended to establish rules for the country’s virtual asset market. The measure received support from 20 committee members and, if ultimately adopted by parliament, would come into force on July 1, 2027.

The proposal lays out how crypto activity would be supervised, taxed, and monitored, while also setting requirements for service providers such as exchanges and custodians. A second parliamentary reading could take place as early as November, according to the source report.

How oversight would be divided

Under the draft, regulatory powers would be split between two Ukrainian authorities: the National Securities and Stock Market Commission and the National Bank of Ukraine. The arrangement is intended to define who oversees different parts of the virtual asset sector rather than leaving supervision under a single agency.

The National Bank of Ukraine would be responsible for electronic money and currency-related supervision. The bill therefore draws a line between broader virtual asset market oversight and functions tied more closely to payments and monetary controls.

Tax treatment proposed in the bill

The legislation also introduces a tax framework for crypto transactions. Virtual asset transactions would be exempt from value-added tax, while income tax would be calculated based on the difference between the purchase price and the sale price of an asset.

That approach is described as being similar to the tax treatment used for securities. The bill also includes a transition period for certain holders: virtual assets acquired before the regulation takes effect would fall under a temporary regime through the end of 2028, with a reduced personal income tax rate of 5%.

Licensing, client protection, and compliance

Beyond supervision and taxation, the draft sets operational rules for companies serving the market. It includes licensing requirements for exchanges and custodians, signalling that firms handling trading and storage would need formal authorization under the proposed framework.

The text also covers safeguards for client assets, complaint handling procedures, and broader user-rights protections. In parallel, it would tighten financial monitoring rules and require stronger checks on the origin of funds, reflecting a heavier compliance burden for market participants.

Scale of the proposal and what comes next

The source report describes the bill as a substantial legislative package. Its clean text runs to 264 pages, and the accompanying comparative table spans 1,301 pages, underlining the amount of detail being considered before final passage.

For now, the committee vote does not make the measure law. The next confirmed milestone is a second reading in parliament, which could happen in November. If lawmakers approve the bill in that process and it is adopted, the new regime would begin on July 1, 2027.

Source: incrypted.com