A draft bill that leaves crypto-to-crypto trading outside the state regulation has been filed this week in the Ukrainian parliament. The news was announced during BlockchainUA conference in Kyiv by Ukrainian MP Alexey Mushak.<\/p>\n
The legislative proposal<\/a> has been prepared in cooperation with representatives of the cryptocurrency industry and signed by 23 MPs of the Verkhovna Rada (Ukraine\u2019s Parliament).<\/p>\n Notably, the document defines the term \u201cvirtual assets\u201d and makes a distinction between cryptocurrencies and tokens. Cryptocurrency is described as a virtual asset that can function as a means of exchange and can store value. Tokenized assets, on the other hand, certify property or other rights of their holders that correspond to the obligations of an issuer.<\/p>\n The bill\u2019s authors also propose a preferential tax regime for the industry with incomes and profits of both private individuals and corporate entities being subject to 5 percent tax until 2024. As such, the document opposes the idea of Sergey Verlanov, Ukraine\u2019s deputy-finance minister, who earlier this month advised introducing a regular 19.5% income tax rate on rypto-related activities like trading and mining.<\/p>\n Quite importantly, the bill suggests that the government should be regulating only the crypto-to-fiat transactions while being relieved from any involvement in the crypto-to-crypto trading oversight.<\/p>\n The authors of the document hope that the bill will be passed by the end of the year.<\/p>\n Meanwhile in Russia, an alternative draft law on digital financial assets has been introduced by a working group created by the Russian Union of Industrialists and Entrepreneurs<\/p>\n The document divides digital assets into three groups: digital tokens, security tokens and cryptocurrencies. As Elina Sidorenko, the head of the Russian Central Bank\u2019s working group on cryptocurrencies, told ForkLog<\/a>, this new bill will see the Central Bank of Russia regulating the crypto space and issuing licenses to providers of exchange services.<\/p>\n At the same time the companies which attract capital through initial coin offerings (ICOs) will not be required to apply for licenses while the issued tokens will serve as evidence of a civil law contract concluded between the ICO projects and the investors. The issuers of security tokens will have to abide by the rules applicable to traditional securities.<\/p>\n According to Mrs Sidorenko, this new bill is supposed to be a happy medium between the previous bills designed to regulate the cryptocurrency space Russia and the interests of big businesses who earlier criticized the existing legislative initiatives<\/a>.<\/p>\n Notably, the authors of the new bill include some of the country\u2019s top managers, such as Vladimir Potanin, the president of the mining and metallurgical company Nornickel; Mikhail Oseevsky, the CEO of Rostelecom, and a controversial billionaire Viktor Vekselberg, owner and president of Renova Group and the president of the Skolkovo Fund.<\/p>\n The new draft law is still under consideration and is expected to be discussed with the regulatory agencies next month.<\/p>\n Follow ForkLog on Twitter<\/a><\/span> and Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":" A draft bill that leaves crypto-to-crypto trading outside the state regulation has been filed this week in the Ukrainian parliament. The news was announced during BlockchainUA conference in Kyiv by Ukrainian MP Alexey Mushak.<\/p>\n","protected":false},"author":1,"featured_media":5942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,27,16],"class_list":["post-5940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-russia","tag-ukraine"],"aioseo_notices":[],"amp_enabled":true,"views":"355","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/5940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=5940"}],"version-history":[{"count":4,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/5940\/revisions"}],"predecessor-version":[{"id":7041,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/5940\/revisions\/7041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/5942"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=5940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=5940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=5940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Central Bank to play key role in crypto regulation in Russia<\/h3>\n