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…