The Register of Damage Caused by the Aggression, MiCA: rules for regulation of crypto-assets in the EU

The Register of Damage Caused by the Aggression of the Russian Federation against Ukraine has been Created

As the Ministry of Justice of Ukraine informs, the creation of the Register of Damage Caused by the Aggression of the russian federation against Ukraine was announced at the Council of Europe Summit, held in Reykjavik on 16-17 May 2023.

It is expected that the Register will function as a platform for intergovernmental cooperation within the framework of the Council of Europe and serve as a documentary record of evidence and claims for damages, which, started from 24 February 2022, were caused in the territory of Ukraine because of the aggressive actions by the russian federation against Ukraine.

The creation of Register will allow all persons and legal entities to submit applications and information regarding damages caused to them by the actions of the russian federation. This will allow interested persons to receive compensation for such damages in the future.

As reported by Denys Maliuska, the Minister of Justice, the Register of damages is only the first component of a comprehensive mechanism for compensating damages. The goal is establishing of the Compensation Commission, which will directly review claims and award compensations, and the Compensation Fund, which will accumulate funds for the payment of such compensations.

New Rules of Correspondence between Taxpayers and Tax Authorities are in Force

On 28.04.2023, the Law No. 2970-IX came into force, introducing amendments to the Tax Code of Ukraine, in particular, regarding the procedure and terms for correspondence between the taxpayers and the tax authorities in electronic form.

Thus, taxpayers, who submit reports in electronic form and/or have been electronically identified online in the electronic cabinets, may exchange messages with the controlling authorities through electronic means of communication in electronic form subject to the legal requirements.

Such exchange is carried out by sending the document to the electronic cabinet by the controlling authorities, while simultaneously sending to the taxpayer to his e-mail address information about the type of such a document, the date and time of sending it to the electronic cabinet.

However, the taxpayers may once a year submit to the controling authorities refusal to receive documents through the electronic cabinet.

The EU Council Approved the Uniform Rules for Crypto-Assets

On 16.05.2023, EU member states finally approved unified rules for the legalization and regulation of crypto-assets in the European Union – MiCA.

Let us please remind you that MiCA will apply to any person whose activities or business are related to the provision of one or more virtual asset services to third parties on a professional basis.

It is expected that MiCA will come into effect in 2024.

More detailed information on MiCA and its impact on Ukrainian businesses can be found in our previous note.