Draft laws to ensure launching the blockchain economy are published for discussion

23-10-2019

Cryptocurrency assets are becoming a runaway hit in the world while having huge potential for economic growth. Leading states have already developed the legislation for the blockchain sector, which is now working for their economy, based on clear and transparent rules. Finally, Ukraine also has a chance to provide the legislative framework for development of this market.

BRDO, together with the Ministry of Digital Transformation and key blockchain associations, has developed relevant draft laws, which are available at http://bit.ly/blockchain_law. Developers, including representatives of the VRU Digital Transformation Committee, blockchain organizations and companies and crypto experts, invite everyone to discuss the draft laws and send their comments, remarks and suggestions to Blockchain4Ukraine@gmail.com.

Advantages of the adoption of these draft laws:

  • Understandable legal status of cryptocurrency
  • Clear and adequate tax rules (5% of personal income tax for cash withdrawal, 0% VAT)
  • Opportunities to run a crypto business legally and declare related revenues openly
  • Protection of crypto ownership
  • The opportunity to take advantage of transparent banking services
  • Tokenization of assets in Ukraine
  • Combating money laundering (Ukraine’s compliance with 5AML requirements and the FATF directive and recommendations)

After consideration and finalization of the proposals, draft laws will be submitted to the Parliament.

The Better Regulation Delivery Office conducted an analysis of the cryptocurrency market, the results of which are available at https://regulation.gov.ua/dialogue/it-i-telekom/40-rinok-kriptovalut

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