Ukraine is considering removing digital assets from the illegal “gray zone” by 2021. The next proposal from the Ministry of Economic Development and Trade of Ukraine was published by the press service of the department. The new Concept of state policy in the field of virtual assets will legalize the cryptocurrency market in the country.
First of all, the concept defines such common terms as “cryptocurrency”, “virtual assets”, “ICO”, “mining”, “smart contract” and “token”.
There are two stages of legalization of the crypto industry in the country.
The first stage, in the period 2018-2019. During this period, decentralized digital assets, as well as local crypto-oriented enterprises, will receive legal status.
At the second stage in 2020-2021, it is planned to recognize providers of virtual currency custodian wallets as subjects of primary financial monitoring, and to develop a number of legislative acts defining the regulation of the crypto industry.
The department notes that the new state policy regarding the cryptocurrency market is primarily aimed at protecting investors and increasing budget revenues from the crypto industry. The steps taken will allow a significant part of the cryptocurrency business to emerge from the shadows and increase income and foreign exchange injections into the country’s economy. Participants in the cryptocurrency market will have the opportunity to officially conduct cryptocurrency transactions, cooperate with foreign investors, and use banking services.
The legislative initiative is also intended to support the mining segment of the Ukrainian market. According to UNIAN estimates, the total volume of cryptocurrency production in the country exceeds $100 million per year, according to the most conservative and incomplete estimates. Lawmakers plan to include mining in the National Classifier (KVED) and create favorable business conditions for the development of mining in Ukraine.
The new concept is ready to be submitted for approval by the Cabinet of Ministers of Ukraine. In the meantime, bill No. 9083, which regulates the taxation of tokens and cryptocurrencies, is waiting in the Ukrainian parliament for consideration, and the National Bank is working on issuing electronic hryvnia.
According to http://www.me.gov.ua
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