Cryptocurrency in Ukraine will receive a legal status in 2019

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On 25 October, the Ministry of economy of Ukraine published the implementation plan for state policy in the sphere of virtual assets, according to which by 2021 will be adopted normative acts, regulating kriptonyte.

The implementation plan is divided into two stages:

  • In the period from 2018 to 2019, the economic development Ministry plans to determine the legal status of the cryptocurrency.
  • By 2021 there is a law governing the use of crypto-currencies and the activities of companies providing services for the storage of digital assets.

The economy Ministry also reported data on the amount of profits from cryptocurrency activities: Ukrainian miners for the year earned on the extraction of virtual currencies in excess of $100 million, and blockchain projects have attracted investments in the amount of $100 million in the initial proposals of the coins (ICO) and the primary supply of tokens (ITO).

The income from ICO and mining is not yet taxed, however, in the near future the situation will change. In mid-September, the Verkhovna Rada received a draft law on the introduction of income tax from 5% to 18%. In August, the Ukrainian deputies reported that cryptocurrencies will receive the status of a financial asset at the end of 2018 or early 2019. The bill on the cryptocurrency is also determined by the role of state agencies in the regulatory process kriptonyte.

Representatives of the National Bank of Ukraine in late September, spoke about a new project to create a virtual national currency – the hryvnia, which can be used as means of payment. Using electronic hryvnia can reduce the amount of cash and reducing expenses on issue of banknotes.

 

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