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Key facts:
The president of Ukraine, Volodímir Zelenski, seeks to accelerate the regulatory process.It created a Council of Financial Stability of the country, which will assess the sector.The Ministry of the Digital Transformation of Ukraine plans to legalize bitcoin and other cryptocurrencies, according to the plans announced on September 27 by a spokesman quoted government body, headed by Mikhail Fedorov, a young man of 28 years.The plan of the Ministry was explained by one of the deputy ministers of the entity, Alexander Bornyakov, who was in charge of explaining to the media the projects related to cryptocurrencies the new government ucraniamo.In that sense, the publication notes that, according to Bornyakov, the cryptocurrencies should get out of their “grey zone, and begin to pay taxes”, a plan that would cover even the activity of mining. The official also informed about the plans of the new government ucraniamo of transfer records and public documents to an accounting system of distributed, administered by the State.About it, adding that Fedorov you want to convert to the State’s businesses are “in-services simple, convenient and non-intrusive, (…) so that when (citizens) to interact with the State to feel comfortable, like (when) you order the services of Uber, Booking (.com) or Airbnb,” declared the young manager.This goal of technological upgrading requires the adoption of complex systems and decentralized that the Ukrainian government seems to be willing to use. According to reports published by other digital media, the process can take up to three years to complete, but eventually the industry built around digital assets should become a legitimate part of the economy of the country.It is expected that during this time legislators Ukrainian draft and adopt a law that regulates the initial offerings of coins (ICO), the tokens, the trade with cryptocurrencies and the use of contracts intelligent.
Accelerating processes
The new president of Ukraine, Volodímir Zelenski, assumed the presidency this year and is at the forefront of a series of changes in all sectors of the government, as part of a modernization effort in the country. His idea is to make the services more efficient, to which he believes is necessary to increase the digital literacy. The project includes the legalization of the sector of the cryptocurrencies.Until the moment, in Ukraine there is no clear legislation regarding the cryptocurrencies. On this topic, the previous government had planned the establishment of a regulatory framework for the criptoactivos, which would take effect in 2021, according to it was said last year.But now Zelensky seeks to accelerate the regulatory process. To this end recently created the Council of Financial Stability of the country. The agency is composed of representatives of the National Bank of Ukraine, the Ministry of Finance, the Deposit Guarantee Fund, the National Commission of the Securities Market and Stock exchange, and the National Commission of the Market of Financial Services.Prior to this, at the end of 2018, the Parliament of Ukraine had announced that, in the latter quarter of the year or the early months of 2019, the verkhovna Rada would submit a law that would recognize the cryptocurrencies as financial assets. This law has been in preparation since August of 2018.In parallel, since march last year, the State Service of Monitoring (SFMS) has stated that the country would adhere to the guidelines of the Financial Action task force against money Laundering (FATF). That same year, the National Bank of Ukraine raised the creation of a “electronic version” of its currency in legal tender, using a decentralized system. According to the banking authority, the e-grivna it would be part of the strategy to decrease the circulation of cash.