Ukrainian deputies are heading to the finish line in the regulation of the cryptocurrency market. They suggest that experts and all concerned joined the correction of the law project they are working on.
The people’s deputy Oleksii Mushak posted a draft of the project on his Facebook page. One should mention that Mushak is a known supporter of cryptocurrencies. He was among the first officials in Ukraine who declared his crypto assets. The document with the project text is available to all interested.
The document includes some remarks from the National Commission on Securities and Stock Exchange (NKCPFR) which is a regulatory body in Ukraine. It added comments to all previous projects introduced in Verkhovna Rada, in particular, a law project “On Cryptocurrency Circulation in Ukraine” and “On Stimulation of the Cryptocurrency and Derivatives Market in Ukraine.”
Both cryptocurrency community and lawyers have joined the development of the document, and even now, on the final stage, the interested enthusiasts and experts revise and correct it.
We are on the final line in creating the conditions for tokens and cryptocurrencies in Ukraine. It’s a joint work of many people and result of multiple meetings. There are still a lot of details to work out. The final version will be ready in two weeks. I welcome everybody to comment and revise. The thoughts of market practitioners are especially valuable,
- Mushak wrote inviting the crypto community to the discussion.
The authors of the document specify that they aim at creating the rules for working with cryptocurrencies, tokens, and smart contracts for the state, entities, and individuals. Also, the document will create an open and transparent market of tokens and cryptocurrencies in Ukraine for the free mining, use, storage, and exchange of digital values (tokens and cryptocurrencies) using the technology of distributed ledger.
The document mentions the risks of using tokens and cryptocurrencies for money laundering and financing terrorism.
The law project contains the definitions of tokens, cryptocurrencies, some cryptocurrency terms, and explanation to them. For example:
Cryptocurrency is a token that functions as a means of value exchange and storage; for the aims of legal regulation, cryptocurrency is considered a financial asset.
The document specifies that the state regulation and control over the token and cryptocurrency market, as well as the activity of the professional market members, is fulfilled by the National Commission on Securities and Stock Exchange.
Also, the document clarifies the rights and obligations of the market members, licensing of crypto platforms and exchanges, requirements to the platforms and exchanges on their activities, etc.
It contains the suggestions for the changes in existing laws: Civil Code, tax legislation, the law on prevention and counteraction the legalization (laundering) of unlawfully received money, financing terrorism, financing and distributing the weapons of mass destruction.
Earlier, the representatives of the regulatory bodies suggested creating a workgroup and developing a new law project addressing all mistakes and remarks of the previous versions. The suggestion appeared to produce a satisfactory result.