The people’s Deputy of Ukraine Oleksiy mushak called cryptologist to join the discussion of the text of the draft law on regulation of digital currencies in the country.

The draft law “On the use of technology distributed registry of digital transactions, and legal status of the token and cryptocurrency in Ukraine” made public and, according to Mushaka, combines the results of numerous meetings and discussions.

“The document is intended to create a free and transparent cryptocurrency market in Ukraine, to encourage the use of blockchain technology in social spheres, particularly in medicine and education, and to prevent unfounded criminal persecution of the owners of the cryptocurrency on the part of law enforcement bodies”, — stated in the introductory part of the bill.

In particular, the document provides a definition of such concepts as a token, cryptocurrency, blockchain, smart contracts, crypto currency exchange and cryptogenic.

State regulation and supervision of market tokens and cryptocurrencies, it is suggested that the National Commission on securities and stock market of Ukraine.

“The powers of the regulator include the development and approval of licensing conditions of activities of professional participants of the cryptocurrency market, as well as monitoring compliance with organizational and legal bases of their activities and the accuracy of the information they provide”, — the document says.

Licensed types of activities proposed to include the activities of buying, selling and exchanging of cryptocurrencies or tokens on national and foreign currency and other financial assets.

Must be licensed activities kryptomere and exchanges, acting as intermediaries between the users in the storage part of financial assets. The exchange dedicated exclusively to convert between different types of tokens and crypto-currencies are exempt from licensing its activities, provided they comply with the principles of AML/KYC.

Note that currently the document is available for review and edits. It is expected that the final bill will be generated within two weeks.

Recall that in April in Kiev took place the meeting-presentation of draft Ukrainian Blockchain policy paper designed to help the Ukrainian legislator to decide on the regulation of cryptocurrencies and to develop rules that would meet the interests of all parties involved.

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