Deputies Are Still Working on Cryptocurrency Regulation Project

Published on 02 Oct. 2018
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Ukraine is publicly finalizing the law project that will regulate the cryptocurrency space. The Verkhovna Rada deputies and the representatives of the crypto community have been working on it since February this year.

The project’s initiator Oleksii Mushak encourages the community to polish the notions and concepts of the law. Yesterday, he published the latest version of the project “On state economic policy in the virtual asset sphere” on his Facebook page:

He writes:

The second step to the developed cryptocurrency market and state’s tokenization! This is our vision of the general regulation of virtual assets. We are launching the final round of public discussion. All comments and wishes are welcomed.

Also, Oleksii emphasizes the essential points of the project:

The state does not regulate the exchange from one cryptocurrency to another and non-fiat operations with tokens. It is not involved in anything that doesn’t concern hryvnia or other currencies. The regulation starts from the stage of transferring to the national money.

According to the deputy’s words, developers believe that this is the basic level of freedom for the further development of the virtual asset market. Also, the project opens the new possibilities to those who want to receive the legal income.

Therefore, one will have to fulfill all KYC and AML procedures. This is an obligatory condition of comfortable work with the bank system,

- Oleksii states.

Ukrainian cryptocurrency market should be opened for the foreign exchanges and filled with liquidity. That is why the law project includes the possibility of receiving the license for the foreign entities.

Mushak also mentioned that the National Commission on Securities and Stock Market would be the regulator, even though it is not written in the project. We reported this info in our earlier publications.

However, during the discussion under the post, it appeared that the information should be mentioned in the law.

The remark was added by Maksym Libanov, the head of the department on the capital market development strategy of the National Commission on Securities and Stock Market. He writes:

The Commission is an independent state collegial body (regulator). It is not a part of the central legislative government bodies (COVV); the Cabinet of Ministers and others cannot define its acts (e.g., license terms). So, either the project says about some other legislative body, not NCSSM, or one has to rewrite this part of the project.

One can join the discussion here.

In September, the deputies registered the law project on introducing taxes to the operations with the virtual assets.

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