Draft laws employing alternative approaches to regulating digital currencies have been introduced in Ukraine and Russia. In Kiev, a bill that classifies cryptocurrency as an asset, unit of exchange and store of value has been filed in the Rada and it’s supported by both deputies and representatives of the industry. In Moscow, the managers of leading Russian enterprises have prepared their own version of the law on digital financial assets which contains the legal term “cryptocurrency” and differentiates it from tokens.
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New Crypto Bill Filed in the Ukrainian Rada
A bill that leaves crypto-to-crypto trade outside of the scope of government regulation has been filed in the Ukrainian parliament. The draft has been signed by 23 members of the Verkhovna Rada and is prepared in cooperation with representatives of the industry. News about the filling was announced during a crypto conference in Kiev by Ukrainian Member of Parliament Alexei Mushak.
The legal document defines the term “virtual assets” and differentiates between cryptocurrencies and tokens, Forklog reported. 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.
The sponsors want to introduce a preferential tax regime in the space, as news.Bitcoin.com previously reported. According to their proposal, crypto incomes and profits of both private individuals and corporate entities will be subject to only 5% tax until 2024. Earlier this month, the country’s deputy-finance minister advised Ukrainians to pay 19.5% income tax on their crypto revenues.
Three drafts have been introduced in the Rada since
