Ukrainian parliament member Alexei Mushak posted on his Facebook page that Ukraine is preparing a draft law to legalize cryptocurrencies.
Mushak shared a copy of the draft law and asked readers to comment on the arrangements made for the crypto market:
“We go to the home stretch to create conditions for digital tokens and cryptocurrency in Ukraine. This is the outcome of many meetings and work of many people. There are many more nuances left to figure out. The final version will be ready in two weeks. I ask you to comment and edit. The thoughts of market practitioners are especially important.”
The paper cites the use of intelligent contracts at the individual, institutional and state level, as well as storage, use, cryptocurrency exchange, digital tokens and specifying that the targeted legislation aims to create a “free and transparent” cryptocurrency market within Ukraine. The draft also includes regulatory measures to prevent the use of cryptocurrencies for money laundering, terrorist financing and other similar actions.
Digital Ledger Technology (DLT) in Public Relations
It also proposes the use of Digital Ledger Technology (DLT), also known as blockchain, in public relations, healthcare, and education areas.
After the proposal was shared on Facebook, Ukrainian users made heavy comments. One of these interpretations is that the “large-scale fraud” element that spells out the need to separate the First Digital Money Offerings (ICOs) from other cryptographic currencies and thus spreads to the market because of ICOs is a confidence in the whole crypto world.
Mushak stressed that the Ukrainian parliament has a very low-level consensus on how ICOs should be treated and that they are concerned that extreme strictures may prevent development.
International Standards are Far Away
In May, the Ukrainian National Securities and Exchange Commission (SSMCS) signaled that they could view cryptographic currencies as a financial product, emphasizing that regulations on cryptography should be decided at national level and “international standards” are still far away.
In January, the National Bank of Ukraine (NBU) stated that hryvnia , the national currency of nomination , is a “thought” to remove the digital version, which is not based on blockchain and without government support.