Ukraine Considering Full Scale Adoption Of Cryptocurrency Via New Policy
Ukraine Full Scale Adoption Of Cryptocurrency – The Ukranian government confirmed its plans to establish regulatory frameworks to legalize crypto in the region via an official statement.
As part of an effort to act or take charge of the crypto industry before others do, the Economic Development and Trade Ministry in Ukraine released a new state policy to oversee various cryptocurrency-related sectors which will be put in full effect by the end of 2021.
In 2018 and 2019, the government of Ukraine will integrate regulatory frameworks to strictly govern the local cryptocurrency exchange market. Crypto trading platforms will be required to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) systems to help local authorities monitor the market.
The government plans to come into the cryptocurrency mining industry, smart contract protocols, and taxation, as the second part of the initiative to recognize cryptocurrencies as an asset class and an established industry in 2020.
Districts that have perceived digital forms of money as properties force higher duties, as Japan and Australia have done before. In mid 2018, both Japan and Australia expelled twofold tax assessment on crypto.
“They aim to determine guidelines for token classification. Additionally, they will be touching upon issues that relate to smart contracts and cryptocurrency mining. Therefore, this work will be ongoing. There will be two separate stages to the implementation of this new state policy. The hope is to have this policy in full effect by 2021. In addition to the new state policy, the government notably has brought in a new taxation bill. This outlines a new 5% tax that is payable by entities and individuals with cryptocurrency holdings.”