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Ukraine Proposes Law to Completely Legalize Cryptocurrency Transactions

Regulation

The first draft of a bill to legalize all cryptocurrency transactions in Ukraine has been submitted to its Parliament. Initiated by a group of deputies, the bill proposes to define cryptocurrencies including bitcoin as legal properties which can be exchanged for goods and services.

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Draft Law Submitted to Parliament

A bill has been drafted on the treatment of cryptocurrencies in Ukraine and was submitted to Parliament last week. It was initiated by a group of deputies in cooperation with the Ukrainian Blockchain Association, miners, and trading platforms, reported Ain.ua news outlet on Monday. The publication wrote:

The document is small and most likely will require further work. Nevertheless, it proposes legislative definitions for the main terms of this market, as well as some rules on which in Ukraine it will be possible to lawfully mine [cryptocurrencies]. The main thing [is that] cryptocurrency is not considered a means of payment, but a property, which can be changed to other goods or services.

The first part of the bill defines cryptocurrency, exchanges, transactions, blockchains, cryptocurrency owners and well as miners. However, the definition for initial coin offerings (ICOs) is not included, the publication noted.

Legalizing All Crypto Transactions

The draft law proposes for the National Bank of Ukraine (NBU) to be the regulator of the cryptocurrency market in the country. S...

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