Ukraine's parliament plans to acelerate cryptocurrency regulation

English Oct 23, 2019

With parliamentarians addressing the huge economic growth potential of the cryptocurrency industry, the country appears to be willing to introduce tax laws aimed at this class as early as 2019. Recently, a group of 50 parliamentarians drafted two draft bills in conjunction with blockchain business groups, pro-blockchain lobbyists and the country's Ministry of Digital Affairs. Both proposals have been shared online and will be open for public consultation over the next two weeks.

The first bill requires individuals and businesses to report cryptocurrency transactions when the amount exceeds $ 1,200, providing seller and buyer information, including personal data, company information, and wallet addresses. The other proposal classifies tokens in two categories: "token-assets" and "crypto-assets", with the second category being subject to taxation. This includes tokens that do not "imply" property rights, Bitcoin and most major altcoins. The bills would also force the adoption of anti-money laundering and terrorist financing measures.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.