The collection of signatures in support of the development of rules for regulating the crypto market has started in Ukraine.

BlockchainLab managing partner Stanislav Podyachev created a petition on the Change.org platform calling for the creation of a working group to develop a concept for regulating the crypto market in Ukraine.

BlockchainLab Managing Partner Stanislav Podyachev encourages everyone to join the working group to implement policies regarding cryptocurrency and the use of blockchain technology.

The petition notes that the uncertainty of the legal status and lack of rules for the circulation of cryptocurrency and the use of Blockchain technology in Ukraine hinders the development of innovative technologies, prevents the attraction of investments and even causes the emigration of specialists and enterprises to countries whose governments demonstrate adequate support.

Podyachev also points out that Despite the right to engage in business activities guaranteed by the Constitution of Ukraine, some business entities, in particular commercial banks, discriminate against citizens and companies that work in the field of blockchain and cryptocurrencies, stopping servicing their accounts and blocking funds.

 The key solutions proposed in the petition should become the fundamental principles of state policy regarding cryptocurrency and blockchain technology for the next 10 years:

⁃ enshrine the basic the concepts of “blockchain”, “cryptocurrency”, “mining”, “token”, “smart contract”, “crypto-exchange”;

⁃ for a period of 10 years, establish a zero VAT rate on transactions on the sale of cryptocurrencies and exempt companies operating in the field of cryptocurrencies from paying income tax;

⁃ approve at the legislative level a moratorium on additional regulation and regulatory restrictions in the sphere of circulation of cryptocurrencies and the use of blockchain technology in Ukraine in 10 years;

⁃ create a public electronic register of intangible digital assets (cryptocurrency and tokens) indicating their characteristics;

⁃ develop and implement a multidisciplinary university program for training professionals in the crypto industry.

At the same time, the document proposes to define cryptocurrency as an intangible digital asset, and not subject the activities of crypto exchanges to additional licensing. 

Unfortunately, petitions on Change.org resources do not have legal force and reflect only public opinion on this issue..

The official policy of the National Bank of Ukraine attributes the lack of regulation of cryptocurrency in the country to the uncertainty of its status in the EU. Moreover, recently, in connection with the launch of fake cryptohryvnia, the press service of the National Bank clarified that it is really working on creation of a national cryptocurrency. A pilot project based on Blockchain technology exists. 

Recall that in November 2017, a petition was published on the official website of the Presidential Administration of Ukraine about “state regulation and taxation of cryptocurrencies, in particular Bitcoin (and related types of economic activity) on the territory of Ukraine.” It did not collect enough of the necessary votes and was not supported.

According to https://www.change.org