September 20, 2020

The draft law on the regulation of cryptocurrencies in Ukraine will be presented before the end of the year

Cryptocurrency regulation in Ukraine will be entrusted to the Ministry of Digital Transformation, and by the end of 2019 an appropriate bill should be prepared. This was in an exclusive comment ForkLog said deputy head of the department Alexander Bornyakov.

According to him, an active preparation of the document is currently underway.

“A framework bill is being prepared that will determine the legal status of crypto assets and cryptocurrencies. Also, amendments will be made to the Tax Code and other laws and regulations, ”- said Alexander Bornyakov.

In addition, the use of blockchain technology will be separately regulated.

“In order for the blockchain to officially work, we are amending the bill on public electronic registries, which is in parliament and should be adopted soon,” said the deputy minister.

At the moment, the ministry is analyzing existing proposals for bills prepared by other specialists, for example, the Office of Effective Regulation (BRDO), Bornyakov noted.

He also talked about mining regulation:

“We would not use the word“ legalize ”in this case, since mining in Ukraine is not prohibited. We are talking about the legal status, which is still not defined in any way. ”

Nevertheless, the terminology related to virtual assets will be spelled out first, Bornyakov emphasized.

Earlier, a meeting of the Ministry of Digital Affairs, deputies and representatives of the crypto industry took place, where the main steps to regulate the industry in Ukraine were developed.

Recall, recently, the association “Blockchain of Ukraine” introduced a project to create a crypto valley.