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

The regulation of cryptocurrencies in Ukraine will be entrusted to the Ministry of Digital Transformation, and by the end of 2019a corresponding bill must be prepared. Deputy head of the department Alexander Bornyakov reported this in an exclusive commentary to ForkLog.

According to him, the document is currently being actively prepared.

«A framework bill is being prepared in whichthe legal status of crypto assets and cryptocurrencies will be determined. Changes will also 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 to officially start workingblockchain, we are making changes to 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 legislative proposals prepared by other specialists, for example the Office for Effective Regulation (BRDO), Bornyakov noted.

He also talked about mining regulation:

«We would not use the word «legalize» in this case, since mining is not prohibited in Ukraine. We are talking about a legal status that has not yet been determined.

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.