Ukraine’s top financial regulator is floating the idea of taxing cryptocurrency as personal income, with possible carveouts for certain foreign asset-backed stablecoins, under a newly proposed taxation matrix published on Tuesday.

In a translated letter introducing the potential new approach, Ruslan Magomedov, head of Ukraine’s National Securities and Stock Market Commission, said that effective tax policy is a necessary step in preventing financial abuse and facilitating the “legal and responsible use of digital assets.”

“Establishing fair and understandable taxation rules is also a prerequisite for attracting investment and integrating the Ukrainian virtual asset market into the global financial market,” Magomedov added.

Under the NSSMC’s suggested tax scheme, certain crypto transactions — essentially those in which non-stablecoin cryptocurrencies are cashed out for fiat currency or exchanged for goods or services, and during which there were no financial losses from the transaction — would be taxed at Ukraine’s standard personal income tax rate of 18%, plus the additional 5% wartime levy that went into effect last December.

Crypto-to-crypto transactions would not be subject to taxation under the proposed tax matrix, which is in line with how several other European countries including Austria and France, as well as crypto-friendly jurisdictions like Singapore, handle crypto taxation.

Because Ukraine’s tax code exempts any income generated from transactions with foreign exchange values from being taxed, the NSSMC suggested “it makes sense to consider a preferential rate or exemption from taxation” for foreign asset-backed stablecoins and certain asset-referenced tokens (ARTs). The suggested preferential tax rate under the matrix could be either 5% or 9%.

The matrix also offered a variety of taxation options for other types of crypto transactions, including mining, which the NSSMC suggested could be considered a “business activity”; staking, which the regulator said could either be “considered as business captive income” or taxed only at the cash-out stage; as well as hard-forks and airdrops, which the regulator said could either be taxed as ordinary income or only at the cash-out stage.

Ukraine had previously introduced a draft law similarly amending the country’s tax code to cover cryptocurrency in 2023. A 2024 analysis from Swiss blockchain analytics firm Global Ledger found that Ukraine could stand to collect over $200 million in annual taxes from crypto transactions.

Ukrainian President Volodymyr Zelensky officially legalized the country’s cryptocurrency sector in 2022, determining the industry’s regulators and giving them the go-ahead to create specific regulations. The National Bank of Ukraine is currently working on a draft law based on the European Union’s (EU) Markets in Crypto Assets (MiCA) regulation.

Ukraine has been a candidate for EU membership since 2022.

CoinDesk reached out to the NSSMC for a comment.

The German Federal Financial Supervisory Authority, BaFin, has ordered Ethena GmbH to stop all public sales of its stablecoin USDe.

This comes after the German financial markets regulator found serious flaws in Ethena GmbH’s USDe approval process.

Per the BaFin announcement on March 21, 2025, the public sales of Ethena (ENA)’s synthetic dollar Ethena USDe violates the European Union’s Markets in Crypto Asset Registration rules.

With stablecoin regulation being one of the EU’s major enforcement priorities, a lack of MiCAR compliance has become a key obstacle for stablecoin issuers.

“The BaFin also has reasonable grounds to suspect that Ethena GmbH in Germany sells securities in the form of sUSDe tokens from Ethena OpCo. Ltd. without the required prospectus,” the regulator said.

BaFin has therefore ordered Ethena to immediately cease any sales to the public.

Enforcement measures

The enforcement measures include a freeze on USDe reserves held by Ethena’s custodian. Additionally, Ethena GmbH is required to shut down its website portal and stop registering new customers.

While Ethena GmbH has been prohibited from selling USDe, the order only applies to primary sales. In this case, BaFin’s order does not affect secondary sales. Ethena Labs issued a statement on X following the news.

“We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved. While we are disappointed by this decision, we will continue to evaluate alternative frameworks.”

According to the crypto platform, BaFin’s order doesn’t affect the stablecoin’s listing.

The decision will also not affect minting and redemption through Ethena Limited, the company’s entity registered in the British Virgin Islands, which handles the majority of USDe minting.

“USDe remains fully backed [and] no assets have been “frozen”” Ethena noted.

Cryptocurrency exchange giant Binance again nabbed significant investor attention with its latest announcement on Monday. The crypto trading platform revealed that it will be delisting all non-MiCA-compliant stablecoin trading pairs in the EEA (European Economic Region) shortly.

Binance To Delist Non-MiCA Compliant Stablecoin Trading Pairs In EEA 

According to an official Binance announcement on March 3, the crypto exchange is implementing changes to non-MiCA-compliant stablecoin trading pairs in the EEA region. As per the announcement, trading pairs with USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC, and PAXG will be delisted for EEA users on March 31. 

However, MiCA-compliant stablecoins pairs, such as USDC, EURI, and fiat pairs (EUR) will remain available. Simultaneously, the crypto exchange also urged EEA users to convert any remaining non-MiCA compliant stablecoin holdings (e.g., USDT) to USDC, EURI, or EUR.

Why Is Binance Delisting Stablecoin Trading Pairs?

Meanwhile, it’s also noteworthy that Binance rolled out its latest delisting announcement following recent stablecoin-related guidelines from EU authorities. As a result, the top crypto exchange is making changes to the availability of non-MiCA-compliant stablecoins in the EEA.

What’s More?

Starting March 31 at 23:59 UTC, the exchange will restrict the availability of Spot trading pairs pegged to non-MiCA Compliant Stablecoins. Further, starting March 27 at 07:00 UTC, any non-MiCA compliant Margin trading pairs will also be delisted for EEA users.

Other services like trading bots, earn, and loans will also be impacted for users. Nevertheless, the exchange clarified that users will still be able to sell any remaining non-MiCA-compliant stablecoin holdings after March 31.

Binance Continues Modifying Trade Offerings

Simultaneously, with the abovementioned endeavor weighing in, the leading cryptocurrency exchange further cements its top ranking in the market. Notably, Binance has secured the top spot by constantly enhancing trade offerings in line with market needs. 

CoinGape recently reported that the exchange extended support to the Ethernity Chain (ERN) token swap process, sparking an ERN price upswing. On the other hand, the CEX also delisted key BNB and ETH trading pairs, adding to its foray into revolutionized offerings.

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