Ukraine launches state policy for legitimizing cryptocurrencies
The Ministry of Economic Development and Trade of Ukraine has initiated a "state policy" for the classification and legalization of cryptocurrencies based on the information provided by the news agency Ukrinform.
The Ministry has published an official press release that aims to "create understandable conditions for virtual asset and virtual coin activities" and to introduce "the adoption of the state policy concept" for crypto currencies. To this end, it proposed to establish legal definitions for key terms, including "currency moneys", "virtual assets", initial currency bids (ICO or ITO), crypto mining, smart contracts, "tokens". Ukrinform predicts that this concept will be implemented in two phases and will be completed in 2021.
Although Ukraine has not yet regulated crypto coins, the first signs that the country has followed legalization arose in mid-May when a member of the parliament, Alexei Mushak, attached a copy of a draft legal act to Facebook. The document highlighted the fact that the legislation aims to create a free and transparent digital asset market that defines the rules for the storage, use and exchange of cryptographic coins, tokens and intelligent contracts at state, entity and individual level.
In mid-September, the country's parliament proposed a bill that, if it had been signed in law, would impose a five percent tax on the use of cryptocurrencies for individuals and entities. For profits linked to the company's crypto currencies, it proposed the basic rate of corporate and personal corporate tax of 18%. An alternative bill proposing specific exemptions for crypt taxes and a slightly different definition of different types of crypto assets was presented by a Ukrainian legislator in early October.
Since mid-October, a dedicated working group within the Ministry of Finance has worked to develop the fiscal framework. At the same time, the National Bank of Ukraine (NBU) is considering a digital state coin linked to the local currency, the hryvnia, which would be centralized and will remain under the control of the government. Seeing this mid country moving on with crypto currencies it seems that there is a movement at global state for mass adoption. All good news if you're asking me.
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