Another bill on crypto-currencies: they are recognized as a financial asset
Like the previous draft law, this document starts with a number of legislative definitions for the basic concepts of the market. We see that unlike the previous project, the crypto currency is recognized as a financial asset, not a barter. Accordingly, crypto-exchange exchanges require the receipt of the status of a financial institution.
Crypto currency is a decentralized digital value measurement that can be expressed in digital form and functions as a means of exchange, value preservation or a unit of accounting based on mathematical calculations, is their result and has cryptographic accounting protection. Crypto currency for the purposes of legal regulation is considered a financial asset.
Mining crypto-currencies - the activities of individuals and legal entities to conduct mathematical calculations in order to obtain compensation in the form of units of crypto-currency.
Crypto-exchange operations are operations for the exchange of national currency for the crypto currency, the crypto currency for the national currency, as well as one type of crypto currency for another.
Crypto-exchange is a legal entity that has the status of a financial institution that provides all types of financial services in the crypto-currency market.
The exchange office is a structural unit of a financial institution that provides services in the market for crypto currency, which performs crypto-exchange operations.
According to this document, state bodies are responsible for monitoring crypto-exchanges. Crypto-exchanges will be required to obtain a license for their activities. They have the right to open accounts in the crypto currency both for citizens of Ukraine and for non-residents.
All operations in this market are carried out at the risk and risk of its participants - the state is not responsible for the obligations of participants in this market. At the same time, strange functions are also attributed to the state, such as "determining priority directions and ways to support the development of the mining business of crypto-currencies, taking into account the proposals of local self-government bodies". Although, perhaps, we are talking about the possibility of paying taxes to the budget by the bitcoins like in Switzerland. With the sale and purchase of crypto-currency on crypto-exchanges, the latter will have to pay an additional fee for pension insurance and report this to the Pension Fund.
Also, the authors of the bill suggest introducing tax incentives for those who are lending currency. A separate interesting norm: NERC is proposed to develop special reduced tariffs for electricity for miners at night. By the way, the right to mining is only legal entities and individuals with the status of a business entity: want to mine - register the FLP. It is forbidden to mine with the use of third party equipment without their agreement (one of the examples of such production of crypto currency we described earlier).
Recall, in late September in Ukraine for the first time officially sold the apartment for crypto currency.