The Kiev government (Kiev is the capital of Ukraine) plans to legalize digital currency and comprehensively supervise the financial technology industry, which is an integral part of the new public policy formulated by the Ministry of Economy. This process will take 3 years to complete, and the digital asset industry will eventually become a legal part of the national economy.
Parliament passes legislation for ICOs and smart contracts
The new regulatory concept is implemented in two stages: from 2018 to 2019, the legal status of digital currencies, trading platforms and other digital currency entities must be determined. By the end of next year, the Ukrainian government will analyze the market to find trends and Unresolved issues in order to provide appropriate regulatory programs for the entire industry.
Documents prepared by the Ministry of Economic Development and Trade show that in the next phase, from 2020 to 2021, digital currency wallet providers and platforms for custodial private keys will be regarded as the main regulatory objects. "Traditional financial institutions, such as commercial banks and insurance companies, are usually responsible for supervision."
Forklog reported that during this period, Ukrainian legislators plan to draft and pass bills regulating the use of ICOs, tokens and smart contracts. Since last year, many proposals have been submitted to the Supreme Court (the Ukrainian Parliament), but there has been little progress in passing legislation.
The three bills proposed in the fall of last year are aimed at regulating the circulation of digital currencies, stimulating the cryptocurrency market, and amending the Ukrainian tax law in order to regulate taxation and profits related to digital assets. In the past two months, legislators from different political parties in Ukraine have submitted two bills to provide tax incentives for digital currency companies and individuals.
Companies that have obtained banking services
This week the Ministry of Economic Affairs issued a statement on its website stating that the Ministry of Economic Affairs is confident that its regulatory philosophy will allow cryptocurrency companies to obtain banking services and raise more funds through ICOs. The department pointed out that due to the uncertainty of legislation, these companies are facing many difficulties, and the industry is still largely an underground economy.
The proponents of this new strategy hope that the regulation of the industry will provide government budget revenue and overseas investment, while stimulating the development of the digital economy. In less than two years, Ukrainian companies have raised US$100 million through ICO, and cryptocurrency mining companies have annual revenue of US$100 million. The daily trading volume of Ukrainian cryptocurrency against the hryvnia (Ukrainian fiat currency) has almost reached 2 million U.S. dollars. According to the Ministry of Economy, the number of cryptocurrency users in Ukraine ranks among the top ten.
The proposal of the Ministry of Economic Affairs is the second time this year that various Ukrainian institutions have worked together to introduce a comprehensive legal framework for the cryptocurrency industry. In June, the Ukrainian Financial Undecided Committee adopted another regulatory concept. In January, the National Security Council established a working group specifically responsible for finalizing various proposals. The new proposal will be submitted to the Cabinet for consideration.
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