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Ukrainian authorities have proposed a public discussion on the law on cryptocurrency legislation

Neironix
May 16, 2018 12:00 AM
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Ukrainian authorities have proposed a public discussion on the law on cryptocurrency legislation

We are talking about the draft law "on the application of the technology of the distributed register of digital transactions and the legal status of tokens and cryptocurrencies in Ukraine", which was previously posted to the public. As stated by the deputy, the text of the document combines the results of all kinds of discussions that took place in this regard.

The introduction of the draft law states the need to create a free and transparent cryptocurrency market and encourage its participants to use blockchain for socially important areas such as education or health. Finally, the law will protect the owners of digital money from unreasonable persecution by the authorities.

The new act defines all the basic terms of the sphere: cryptocurrency, blockchain, token, smart contract and so on. 

The authorities will control the market activities by the securities and stock market commission. Its functions will include creating conditions for obtaining a license and monitoring compliance with all the basic "rules of the game", in particular, in terms of the reliability of information provided by market participants,

In the framework of licensed activities, tokens and cryptocurrencies can be exchanged for hryvnia and foreign currencies.

At the moment, anyone has the right to bring their proposals and adjustments to the document. By the end of the month, the bill should be in its final form.

Note that on April 18 in Kiev, a presentation of a draft version of the Ukrainian Blockchain policy paper was held. Among the participants of the presentation was the Deputy mushak, who already expressed his readiness to fully support the development of the cryptocurrency industry and cryptocurrency legislation in Ukraine,