The public was invited to comment on the new bill on blockchain technology and cryptocurrencies in Ukraine, published by the MP on his Facebook page.
People's Deputy of Ukraine Alexey Mushak published on his Facebook page a draft bill on the general regulation of the use of distributed registry technology and the legal status of cryptocurrencies and tokens in Ukraine.
According to Mushak, now the work to create conditions for tokens and cryptocurrencies in Ukraine is entering the home stretch. The presented bill is the result of serious work, numerous meetings and discussions. The final version will be ready in two weeks, and now the MP invites the crypto community to join the discussion.
The text of the document is posted in the public domain with the possibility of making comments.
Main provisions of the bill:
-The token is recognized as the main unit of accounting
-Cryptocurrency is recognized as a financial asset
-Control over the cryptocurrency market is entrusted to the National Commission for Securities and the Stock Market of Ukraine.
-Activities of crypto exchanges and exchange offices related to the purchase, sale, and exchange of cryptocurrencies or tokens for national and foreign ones currencies and other financial assets are subject to mandatory licensing.
-The activities of crypto exchanges within the framework of only the conversion of tokens and cryptocurrencies are not subject to licensing.
In addition, the bill defines the basic concepts: token, cryptocurrency, blockchain, smart contract, crypto exchange and crypto exchanger.
It should be noted that the document does not contain the concept of ICO (initial coin offering) and its regulation is not reflected. Also, according to most comments that followed the publication, the definition of basic concepts leaves much to be desired and does not correspond to the definition of (FATF) Financial Action Task Force. Most of the wording resembles a mix of poor English translation, tautology and wording borrowed from foreign legislators.
Undoubtedly, the issue of legalizing the cryptosphere in the country has been long overdue. Today there is not a single legal act regarding the cryptocurrency market in Ukraine.. Despite the fact that at the end of 2017, there were three bills in the Verkhovna Rada of Ukraine that relate to the cryptocurrency market. And Head of the Cyber Police Department of the National Police of Ukraine, Sergei Demedyuk, said at the beginning of the year that the lack of legislative regulation of the circulation and mining of cryptocurrencies in the country leads to an increase in crimes in this area.
The crypto community has long been ready for regulation and in April the collection of signatures began in support of a petition to create a working group to develop a concept for regulating the crypto market in Ukraine.
According to https://docs.google.com
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