Ukraine is preparing to legitimize encrypted currencies by summer this year, as legislators revealed that the draft law was already formulated.
Plan of codification of encryption in Ukraine
The Chairman of the Finance, Tax and Customs Policy Committee affiliated with Vikkoufna Rada from Ukraine, Danilo Hettnsev, stated that Kiev expects to “codify” cryptocurrencies before the summer.
Hetmantsev Share, “I can certainly promise you that we will do everything possible. We want to make sure that this law passes [the Rada] By summer this year at the latest. “
According to the local Medium Hetmantsev’s assertion outlets seem important as it was mentioned that legislators are still dealing with many issues, including taxes and incentives for encryption adoption. For example, Hetmantsev revealed that Ukraine plans to ensure that taxes are imposed on encryption transactions similar to other investment assets, with a regular system of tax rates. Another proposal includes a “transitional period” for individuals who have already invested in encrypted currency assets, but they cannot provide evidence of their purchases.
Hetmantsev added that Kyiv will not provide any “rewards or benefits” for companies and individuals who work with cryptocurrencies. He explained that KYIV has consulted international experts on legalization issues, who believe that any “preferential system” can create an unequal tax burden on the traditional industries participating in encrypted currencies.
Regarding the organization, Hetmantsev argued that the National Securities and Market Committee should be responsible for regulating encryption. However, it currently lacks the “institutional capacity” to supervise the industry. Instead, he suggested that the Central Bank, the National Bank of Ukraine, will bear responsibility temporarily.
Lawyers also discuss many other issues, including how organizers and law enforcement officials can apply financial monitoring methods to cryptocurrencies.
Also read: Is Russia preparing to create a bitcoin reserve strategy?
