There is a new law that has been introduced in Ukraine to help the country’s central bank regulate the local cryptocurrency ecosystem.
Just like many other countries that are faced with the challenge of controlling cryptocurrencies, Ukraine was one of them and decided to mirror the strategy used by the U.S Internal revenue service whereby cryptocurrencies are taken more of a property and hence are taxed as a kind of property.
According to public records, the new bill was first filed on October 6 and aims to govern cryptocurrency exchange services including taxation and data redemption requirements as well as crypto currency mining.
The legislation did not come as a surprise as the Government through the central bank had already given a hint in August to regulate cryptocurrency activities in Ukraine.
The bill is however yet to be passed and signed into law after which it will take the National Bank of Ukraine two months to have guidelines for the exchanges. Once the bill is in effect, the government of Ukraine will be obliged to make sure that the relevant ministries and central bodies comply with the law.
It still remains a mystery the kind of changes the bill makes as it goes through the Ukraine’s national legislature, Verkhovna Rada. There are definitely several committees that will contribute to the measure especially from the unicameral parliament such as the financial policy and the banking committee. There are also chances that the legislature has several members who have large shares of Bitcoin.
