A bill to legalize cryptocurrencies and regulation of legal relations in the sphere of circulation, storage, use and conduct transactions with cryptocurrencies were introduced to the Verkhovna Rada of Ukraine.

The authors of the bill were three deputies from the faction “people’s front” Irina Efremova, Irina voitsekhovskaya and Igor Cotici, and another people’s Deputy from BPP Ivan Rybak.

“Cryptocurrency is a software code that is subject to ownership, and subject to, the swap agreement, details of which to be made and stored in the blockchain” – so define the term cryptocurrency developers of the regulations.

Thus, the cryptocurrency is not legal tender and can only be the subject of a contract of barter. The developers also consider that the persons conducting transactions with cryptocurrencies on the territory of Ukraine must provide data about yourself. Therefore, the government intends to levy taxes on transactions of barter. Under the taxation fall as mining and industry.

The draft law States that the violation of the provisions of this law may entail not only civil, administrative liability, but criminal.

Traditionally, the Ukrainian government is ready to levy fees, but not willing to guarantee anything to the participants. “The state does not guarantee and takes no measures to ensure the activities of online services for cryptocurrency exchange,” reads article 4 of the bill.

Proposed bill to regulate cryptocurrency in the former Soviet Union and one of the first in the world.

Earlier it was reported that the Finance Committee of the Verkhovna Rada began the development of the draft law on the status and principles of treatment of cryptocurrencies.

See also: NBU spoke about how cryptocurrency circulation in Ukraine

In the Verkhovna Rada a bill to legalize crypto-currencies 10.10.2017

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