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Ukrainian Deputy Urged To Evaluate Law On Cryptocurrencies Legalization

Published: 16/05/2018

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What is it for?

Ukrainian deputy Aleksey Mushak published a message to the blockchain and cryptocurrency industry representatives on his Facebook page, where he asked the community to analyze the bill on regulation of the digital assets in the country.


He also published a link to a draft version of the document and noted that a whole group of specialists has discussed it with government bodies. The bill is called “On the distributed ledger technology use for digital transactions and on the legal status of tokens and cryptocurrencies in Ukraine” and is aimed at creating a free and transparent crypto market in Ukraine.


Aleksey Mushak believes that stimulating the implementation of blockchain technology into social programs, for example, in educational and medical projects, is required. It is also important to protect the rights of cryptocurrency owners from unauthorized harassments of law enforcement agencies, deputy concluded.


The proposed bill contains definitions for the main terms in crypto sphere: cryptocurrency, tokens, smart contracts, blockchain, and crypto exchanges.


According to the bill, The National Securities and Stock Market Commission of Ukraine should become the official state regulator. The Commission undertakes to supervise the bill standards implementation, develop and approve licensing conditions for the market participants, verify the reliability of provided information.


The purchase, sale, exchange of cryptocurrencies and tokens into fiat and digital assets belong to the activities that require licensing and are subject to the control of the regulator. Therefore, a crypto exchange must obtain a license for intermediary transactions between customers as well as for funds storing. The platforms that deal exclusively with digital currency exchange are the exception. These exchanges are not required to have a license as soon as they comply with anti-money laundering standards and with the Know Your Customer procedure.


As previously reported, the petition with proposal to create a working group to conduct standards and rules for the cryptosphere regulation emerged in Ukraine on the Change.org website. Managing partner of BlockchainLab, Stanislav Podyyachev, is claimed to be the petition author.

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Ukraine cryptocurrency