Ministry of Economic Development and Trade of Ukraine initiates the adoption of the Concept of state policy in the field of virtual assets to provide understandable and legal conditions for activities in the field of virtual assets and cryptocurrency.
The concept proposes to give the legal definition for the basic terms relating to “cryptocurrency”, “virtual assets”, “ICO / ITO”, “mining”, “smart contract” and “token”.
The Concept is planned to be realized by 2020 in two basic steps.
- clear definition of the legal status of cryptocurrencies and economic activities in the field of virtual currencies;
- recognition exchangers of cryptocurrency as the subject of initial financial monitoring;
- monitoring, analysis of problems and tendencies in the development of the cryptocurrencies market in order to develop proposals for improving regulatory policy.
- recognition of providers of cryptocurrency custodians (persons providing services to protect private cryptographic keys on behalf of their clients, for the storage and transfer of cryptocurrencies) as entities of initial financial monitoring;
- development of special legislation for smart contacts, tokens, and ICO.