THELOGICALINDIAN - Two bills to accommodate acknowledged frameworks for cryptocurrencies including bitcoin accept now been submitted to the Ukrainian assembly The latest one proposes acquainted them as banking assets It additionally defines cryptocurrency derivatives as able-bodied as proposes simplifying taxation and abbreviation electricity tariffs for mining activities
Also read: Putin Orders the Issue of Russia’s National Cryptocurrency – the Cryptoruble
Two Bills Submitted to Parliament
Following the aboriginal bill on cryptocurrency which was submitted on October 6, the additional bill has been submitted to the Ukrainian parliament. Entitled “On the dispatch of the bazaar of cryptocurrencies and their derivatives in Ukraine,” Bill No. 7183-1 was submitted aftermost week.
In the new bill, the arch of the Parliamentary Committee on Banking Policy and Banking, Serhiy Rybalka, proposes to admit cryptocurrency as a “financial asset,” The Financial Club reported. “It makes no faculty to reinvent the caster and ad-lib new rules for it. The best able archetypal is the adjustment of cryptocurrencies to the already absolute legislation,” the advertisement quoted him saying. “That is why we adduce to admit cryptocurrency as a banking asset.”
Ain advertisement elaborated:
Taxation and Other Terms
The additional abstract law additionally calls for “reduced tariffs for electricity and the simplest taxation” in adjustment to “stimulate the ‘extraction’ and about-face of cryptocurrencies,” The Financial Club detailed. Rybalka added “proposes not to tax cryptocurrency investments,” the advertisement added, acquainted that the bill proposes a 2% fee back cryptocurrencies are exchanged for hryvnia.
In addition, the bill calls for the National Financial Services Commission to be the primary regulator of cryptocurrencies. In the aboriginal bill, it was proposed for the National Bank of Ukraine (NBU) to act as the regulator of the crypto market.
While the additional bill contains the analogue of cryptocurrency derivatives, neither bill contains references to antecedent bread offerings (ICOs), explained Orlovsky Maxim, Head of Bitcoin Foundation Ukraine. Furthermore, the aboriginal abstract law does not acknowledgment AML and KYC procedures for cryptocurrency operations, while the additional one suggests for them to be bent by the axial banking regulator as allotment of their licensing requirements, he added.
Cryptocurrencies Not Prohibited
Even admitting there is not yet a authoritative framework for cryptocurrencies in Ukraine, cryptocurrencies including bitcoin are not banned by law. The Ukrainian accounts abbot Oleksandr Danylyuk wrote on his Facebook folio on Monday that his admiral is alive with the NBU and added banking regulators to codify the appropriate adjustment for them. He wrote:
What do you anticipate of this bill’s proposals? Let us apperceive in the comments area below.
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