The Verkhovna Rada has taken a step towards the legalization of cryptocurrencies

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The Verkhovna Rada has taken a step towards the legalization of cryptocurrencies

03.12.2020 News

The Verkhovna Rada of Ukraine adopted in the first reading the draft law №3637 on virtual assets. LIGA.net reports, 230 people’s deputies voted for this document.

According to the explanatory note, the market for virtual assets in Ukraine has been already formed and has existed for about five years, but it is completely outside the legal field of the state.

During the presentation of the project in the Rada, the author of the document Oleksiy Zhmerenetsky (Servant of the People Party) stated that entrepreneurs in the field of virtual assets work in the shadows and cannot register, defend their rights in court, sign contracts, startups flee Ukraine or register abroad jurisdictions.

“Experts estimate the volume of transactions in Ukraine with virtual assets at about $ 150-200 million a day, and the capitalization is more than $ 2 billion, but, unfortunately, the whole industry is in the shadows,” Zhmerenetsky said.

The adoption of the bill should solve such problems as:

– lack of legal regulation of relations arising in the circulation of virtual assets;
– lack of mechanisms for taxation of income received from transactions with virtual assets;
– lack of legal guarantees to protect the property rights of market participants in virtual assets;
– regulation of the activities of professional participants in the market of virtual assets;
– Lack of mechanisms to control the circulation of virtual assets that can be used to legalize (launder) proceeds of crime, terrorist financing and financing the proliferation of weapons of mass destruction;
– lack of effective mechanisms for attracting foreign investment.

The central executive body that formulates and implements state policy in the field of virtual assets is the Ministry of Finance.

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