Two bills to provide legal frameworks for cryptocurrencies including bitcoin have now been submitted to the Ukrainian parliament, Bitcon.com reports.
The latest one proposes recognizing them as financial assets. It also defines cryptocurrency derivatives, as well as proposes simplifying taxation and reducing electricity tariffs for mining activities, according to Bitcoin.com.
Following the first bill on cryptocurrency which was submitted on October 6, the second bill has been submitted to the Ukrainian parliament. Entitled “On the stimulation of the market of cryptocurrencies and their derivatives in Ukraine,” Bill No. 7183-1 was submitted last week.
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According to this document, state bodies are responsible for monitoring cryptocurrency exchanges, Ain reported. Cryptocurrency exchanges will be required to obtain a license for their activities. They have the right to open accounts in cryptocurrency both for citizens of Ukraine and for non-residents.
The second draft law also calls for “reduced tariffs for electricity and the simplest taxation” in order to “stimulate the ‘extraction’ and turnover of cryptocurrencies,” The Financial Club detailed. Rybalka further “proposes not to tax cryptocurrency investments,” the publication added, noting that the bill proposes a 2% fee when cryptocurrencies are exchanged for hryvnia.
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Even though there is not yet a regulatory framework for cryptocurrencies in Ukraine, cryptocurrencies including bitcoin are not prohibited by law. The Ukrainian finance minister Oleksandr Danyliuk wrote on his Facebook page on Monday that his ministry was working with the NBU and other financial regulators to formulate the right regulation for them.