Ukraine will begin to regulate cryptocurrencies. How and when?

According to the Ministry of economy of Ukraine, virtual assets will be introduced in the legal field for two years. A corresponding concept has been developed. Officials promise to introduce “friendly” conditions, associated with virtual assets and operations with cryptocurrency. The concept implementation is expected to take place in stages and will be fully completed by 2021.

The first phase of implementation is scheduled for 2018-2019 and will focus on the definition of the legal status of virtual assets (cryptocurrencies). The second phase will take place from 2020 to 2021. Then must be determined the status of the providers of cryptocurrency wallets as subjects of primary financial monitoring. In addition, the second phase will be developed and introduced special legislation that will regulate the use of cryptocurrencies.

According to the Ministry of the economy, to mining cryptocurrency annually accounts for up to $ 100 million. Ukrainian ICO and ITO also attract about 100 million every year. The state does not have the power to arrange tax revenues at appropriate levels, as the market is in “shadow”. The introduction of the new legislative framework will enable the cryptocurrency industry in the legal field.

In the RIA recalled that the development of the concept began with the submission of the Council of national security and defense Council (NSDC) of Ukraine. Authorities were instructed to provide regulation of transactions with cryptocurrencies and implement the current system of taxation.

Recall, the first in the former Soviet Union launched the first cryptocurrency in right field in December 2017 Republic of Belarus. There is a tax on cryptocurrency transactions cancelled until 2023. In Russia, the introduction of a new legislative framework while that is postponed until 2019. But plan to introduce a tax on mining. More data look at cryptodata.

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