Ukraine introduces the second cryptocurrency bill

Ukraine introduces the second cryptocurrency bill

Ukraine has prepared one more cryptocurrency bill, providing new definitions of digital assets and offering measures aimed at encouraging mining. The law is available on the Verkhovna Rada website.

As opposed to the previous bill, referring cryptocurrency to as a software code, this one defines it as a financial asset.

“Cryptocurrency is a measure of value in digitalized form that bases on mathematical calculations, serves as their result, and has cryptographic information protection. It can be used as a method of exchange, value conservation or an accounting unit. For the purposes of legal regulation, cryptocurrency is a financial asset,” the project states.

According to the bill, cryptocurrency exchanges have to pass compulsory licensing in order to obtain the status of financial institutions. They are also obliged to bear liability for violating licensing conditions.

Legal and natural persons are recognized as cryptocurrency investors. Besides, they accepts risks for the outcome of conducted operations.

The bill states that anyone can become a miner. Besides, all obtained cryptocurrencies are at their complete disposal. However, mining involving third parties without their agreement will be regarded as the violation of the law. Nonetheless, the document specifies measures aimed at encouraging mining. Well, one will provide miners with reduced electricity rates, zero tax on purchasing digital currencies and 2% allocation to the Pension Fund when exchanging cryptocurrencies into hryvnias.

The bill supposes that cryptocurrency transactions will be regulated by the Commission for Regulation of Financial Services Markets. At the same time, The National Commission on securities and stock market will monitor digital assets issuing.

 

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