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Rada legalizes crypto assets in Ukraine

09/08/2021 04:16:27 pm
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The Verkhovna Rada has adopted bill No.3637 "On virtual assets" in the second reading and as a whole", - correspondent of OstroV reports.

276 People's Deputies supported the decision.

According to the explanatory note, the bill forms the legal framework for working in the virtual asset market and defines the legal status, classification, property rights and other key legal definitions.

"We are creating a top-class jurisdiction where crypto companies will have transparent terms of relations with the state, convenient work with the regulator and favorable taxation. The daily turnover of virtual assets in Ukraine is UAH 1 billion. But all this is in the shadow. Because of this, international exchanges cannot enter Ukraine. No taxes are paid for the transactions with virtual assets. But this will be settled thanks to the law. Favorable conditions that will allow companies to register in Ukraine, and not abroad, will be created. The budget will receive taxes and entrepreneurs will feel themselves protected. Just a few countries in the world have legalized crypto assets - Germany, Luxembourg and Singapore. Ukraine will be one of them", - Minister of Digital Transformation Mykhailo Fedorov explained in the Telegram channel.

The central executive body that forms and implements the state policy in the field of circulation of virtual assets is the Ministry of Digital Transformation of Ukraine.

The document defines the legal status and requirements for providers of services related to virtual assets through the passage of state registration procedures for one or more types of activities:

- storage or management of virtual assets and virtual asset keys;

- exchange of virtual assets;

- transfer of virtual assets;

- provision of intermediary services related to the sale or offer of sale of virtual assets.