February 20, 2024

Ukraine will legalize cryptocurrency and blockchain until the end of 2019

Ukraine will legalize cryptocurrency and blockchain until the end of 2019

By the end of 2019, cryptocurrencies in Ukraine may receive legal status. Alexander Bornyakov reported this- Freshly appointed Deputy Minister of Digital Transformation.

It Bornyakov will answer in the newMinistry of Digital Transformation for implementing legislative and regulatory initiatives regarding electronic residence, crypto assets, intellectual property, crypto assets status and taxation.

The deputy minister has solid experience in IT. He is a co-founder of the online advertising company Adtelligent Clisky (an online platform for advertisers), Intersog (an outsourcing company registered in the USA with offices in Odessa and Kiev), a managing partner of the Odessa startup incubator WannaBiz.

In an interview with the Ukrainian publication LIGA.net, Bornyakov commented on the process of legalizing cryptocurrencies in the country:

“To begin with, crypto is not prohibited in Ukraine. When they say "legalization" - this is not quite the right word. But there is such a thing as a definition of legal status. So that the SBU does not go and doesn’t scare people, so that the people who do this understand that they are acting within the law. Plus, it’s a kind of signal to everyone who does this abroad. ”

Let us remind you that on September 27 at the presentation of the brand“The state in a smartphone”, the leaders of the ministry for the first time announced plans to legalize cryptocurrencies. The head of the Ministry of Digital Development, Mikhail Fedorov, emphasized that cryptocurrencies are not currently prohibited in Ukraine, but they also do not have official status.

“People who are involved in this (cryptocurrency) need to get out of the gray area and start paying taxes.”- said the minister.

According to Bornyakov, a bill on the status of cryptocurrencies will be submitted and adopted in the coming months:

“We want to be reviewed and accepted before the end of the year.”

The blockchain technology will not pass by the Min Digital and technology. Bornyakov reported:

“In parallel, we want to introduce a law on publicregistries - enter the section related to the blockchain there. That is, we first determine the legal status of cryptocurrencies as the technology itself. Then we make changes that blockchain registries are possible in principle. Now they cannot be made by law. Now they should be in one place. It is necessary to change that they can be not in one place and distributed. But you need to register how. This is a complex technical process. Then, from the new year, everything else can gradually be launched. ”

The deputy minister noted that the process of digital transformation of Ukraine is just beginning:

“At the moment, the ministry itself has severalperson (pictured). Only last week was the position taken. It is impossible to do something without a structure. There is still no team that will directly deal with these things. By the end of October, we must fully launch as a ministry. ”