Ukraine legalizes cryptocurrencies in the next year

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The Ministry of economy of Ukraine will introduce cryptocurrency and related activities in the legal field up to 2021-year.

Today on the website of the Ministry of economy of Ukraine published an official notice of the readiness of the Ministry to regulate cryptocurrencies:

“The Ministry of economic development proposes to adopt the concept of state policy in the field of virtual assets, the purpose of which is to create clear and transparent conditions for conducting activities in the field of virtual assets and virtual currencies (cryptocurrencies)”

The adoption of the “concept of state policy in the field of virtual asset” is proposed to implement in two stages, but the final decision will be made by the Cabinet of Ministers of Ukraine:

  • 2018-2019 biennium – definition of the legal status of cryptocurrencies;
  • 2020-2021 gg — recognition of activities of providers of cryptocurrency wallets and regulating the use of cryptocurrency.
  • The Agency also published a related cryptocurrency industry statistics, focusing on the fact that this activity is not currently doing the tax payments of mining activities in the country more than showed in 100 million dollars a year, and the Ukrainian blockchain projects by holding ICO and ITO attract another $ 100 million.

    In mid-August, the Ukrainian Parliament declared that the law recognize cryptocurrency as a financial asset, will be passed this or next year. It is also worth noting that the financial stability Council of Ukraine in July, took a new approach to the regulation of the cryptocurrency market, which defines the functions of state authorities in regulating these instruments.

    In mid-September, the Verkhovna Rada registered a draft law on the introduction of a 5%-18% taxation of digital assets, such as tokens and cryptocurrencies, and at the end of September also it became known that the national Bank of Ukraine is developing a national crypto-currencies — the hryvnia.

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