On the website of the Verkhovna Rada published the draft law on bitcoin in Ukraine. In General, it describes what is cryptocurrency, the blockchain, miners and mining, cryptocurrency transactions and exchanges, etc., and also put forward a number of requirements for those who are going in any way to use the cryptocurrency. ICO in the bill not mentioned.
What is cryptocurrency and who she is allowed
In the main the wording of the bill under the cryptocurrency refers to “program code, which is the object of property rights, which can be a medium of exchange, details of which are entered and stored in the blockchain as the accounting units of the current blockchain data (program code)”.
The owner of the cryptocurrency are considered to be “any natural person, natural person-entrepreneur or legal entity which legally owns and retains cryptocurrency”.
Guarantees and requirements of the state
According to the text of the bill, the national Bank of Ukraine undertakes the state management in the sphere of cryptocurrency, but has no obligation and shall not reimburse the cost in case of depreciation or loss of cryptocurrency for any reason.
In addition, the authors of the document believe that the state should not guarantee and will not take any action to ensure that the activities of online services for the exchange of cryptocurrencies. On the subject of the crypto operations is responsible for self-protection of cryptocurrency and the integrity of the blockchain.
The operations of the exchange of cryptocurrency and mining are subject to the payment of taxes as a “regulated by the current legislation of Ukraine”.
The right of ownership
The subject of crypto-currency transactions can freely dispose of cryptocurrency, using the General norms on the right to private property: to carry out operations to exchange one cryptocurrency to another, be exchanged for electronic money, currency values, securities, goods and services.
However, the document particularly emphasizes the prohibition to use cryptocurrencies against the fundamentals of national security of Ukraine for calls to overthrow the constitutional order, violation of territorial integrity of the country, the Commission of terrorist acts, financing of terrorism and legalization of proceeds of crime, the spread of drugs and psychotropic substances, their analogues or precursors. Also banned from other illegal actions with cryptocurrencies.
The document gives the official definition of a miner. Is a natural person, natural person-entrepreneur or legal entity that on his and/or rented equipment provides the performance and security of the blockchain, cryptocurrency transactions and receives remuneration system and/or receives the right of ownership for money.
For all that got the miner, he must pay the tax.
Cryptocurrency transaction is the relevant model provisions about the contract of barter in the definition of the legislation of Ukraine. All the data about them, including information about crypto, recipient, amount of transfer, the timestamp of the translation are stored in the blockchain and are open to all subjects of cryptocurrency transactions.
Persons who held a crypto operation needs 5 years to store information about them.
Activities cryptocurrency exchanges in Ukraine to be resolved. Only they, according to the authors of the bill, can use online translation service to exchange cryptocurrency for cash, financial assets and securities. In this case it will be assumed that the subject of cryptocurrency transactions is at your own risk.
NBU needs to describe the order in which the crypto currency exchange created and run, as well as monitor all transactions identificeret and personifiziert subjects of cryptocurrency transactions.
The creation and description of these processes, the NBU will have 2 months from the date of publication of the adopted law. During this period, the NBU and the Cabinet will also need to harmonize normative-legal acts.
The entire income of kryptomere taxed.
In General, the appeal of the cryptocurrency is proposed to adjust the document, as well as the Constitution, Civil, commercial, Tax codes, the law on information, normative legal acts of the NBU and other laws.
For violation of that law is civil, administrative or criminal liability.
Recall that the authors of the bill were deputies from the party “people’s front” Irina Efremova, Lyudmila Denisov, Igor Kotvitsky, Svetlana wojciechowska and John Rybak from the faction “Block of Petro Poroshenko”.