Ukraine reviews two bills to regulate cryptocurrencies and promote mining

It seems legalizing cryptocurrencies is not in question. It’s just a matter of ensuring legislation is airtight.

Ukraine’s cryptocurrency advocating lawmakers have been busy: two bills proposing the regulation and promotion of cryptocurrencies have been submitted early this month and are now pending review at the parliament. The National Bank of Ukraine, the country’s central bank, has been named to take charge of regulations should the bills be approved.

The proposals, namely “On Circulation of Cryptocurrencies in Ukraine” and “On Stimulation of Cryptocurrencies and Their Derivatives in Ukraine,” cover legally recognizing cryptocurrencies as assets, simplifying taxation, and even promoting mining through electricity tax incentives.

But basing on Ukraine’s Finance Minister Oleksandr Danyliuk’s recent Facebook statements, things are looking up for the crypto community. Posting about the Annual Meetings of the International Monetary Fund and the World Bank Group, Danyliuk says cryptocurrencies are not banned in Ukraine, and that the country should keep up with technology lest they get left behind.

And it seems legalizing cryptocurrencies is not in question. It’s just a matter of ensuring legislation is airtight.

“The main global issues that were discussed during the Meetings this time and that have an impact both on national economies and the world economy on the whole: corruption, tax evasion and the need for a more efficient fiscal policy. The issue of financial technologies has also become one of the key talking points,” Danyliuk wrote.

“In Ukraine, we are also working with the NBU and other financial market regulators and experts to better research the nature of the cryptocurrency and to work out a stand regarding the appropriate regulation in Ukraine. There are many undecided questions. The status of cryptocurrency in Ukraine is not defined by the law, but this does not mean that the cryptocurrency is banned. Ukraine should follow the global trends and not lose a chance to use new technologies and innovations in the financial sector.”