The Ministry of economic development and trade of Ukraine will start the legalization of cryptocurrency

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The Ministry of economic development and trade of Ukraine will start the legalization of cryptocurrency

As announced October 25 the press service of the Ministry of economic development and trade of Ukraine, the Ministry intends to initiate the adoption of the national policy in the field of virtual assets, to create “the conditions for conducting activities in the field of virtual assets and virtual currencies with the purpose of legalization.”

The concept proposes at the legislative level to define basic terms concerning virtual currencies (cryptocurrencies), virtual assets, ICO/ITO, mining, smart contracts and tokens.

The implementation of the concept will take place in two stages. In the first phase in 2018— 2019, it is proposed to determine the legal status of the cryptocurrency, and to recognize entities that provide services on its exchange for Fiat currency and Vice versa.

In the second stage, in 2020— 2021 is planned to recognize providers of purses — keepers of virtual currencies by entities of initial financial monitoring and to develop a special legislative acts regulating the use of virtual assets, smart contracts and tokens.

The press service of the Ministry says:

Implementation of the concept will allow, in particular, to protect the rights of consumers in sphere of virtual assets and virtual currency, legally classify activities. Market participants will have the opportunity to use banking services, officially to attract foreign investment, conduct ICO/ITO as a Ukrainian company to enter into smart contracts and to carry out barter exchange transactions of goods (services) on the virtual currency.

The specialists of the Ministry of economic development and trade believe that the legalization of cryptocurrencies will increase revenues and bring foreign currency in Ukraine and to create new high-paying jobs.

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