The Ministry of economic development and trade of Ukraine has prepared a draft order on approval of concept of state policy in the field of virtual assets, the signing of which the Prime Minister put the number of Central bodies of national challenge in a month’s time to submit the action plan for its implementation.

The purpose of the concept – in two stages by 2021 to create a friendly environment for conducting activities in the field of virtual assets and currency, to give an official definition of the terms “virtual currency” ( “cryptocurrency”), “virtual assets”, “ICO/ITO”, “mining”, “smart-contract” and “token”.

In 2018-2019, according to the concept, it is assumed to determine the legal status of cryptocurrencies and platforms that provide services for their exchange to carry out monitoring and analysis of problems and development trends of the stock market to develop proposals for improving regulatory policy. 2020-2021 he will be devoted to providing service providers cryptocell the status of entities of initial financial monitoring, as well as the development of laws governing the ICO, the use of tokens and smart contracts.

Attention to the subject in the office explain the high level of involvement of Ukrainians in this area. The Ministry cites figures from the Office for effective regulation, according to which in 2017, Ukraine is in the top 10 countries by number of users of virtual currencies. In addition, it is reported that the country has mined cryptocurrency $100 million a year and almost the same amount in 2017-2018 attracted local ICO/ITO projects. However, from a legal point of view, all this activity is developing in the shadows.

Recall that in early October the Ministry of Finance announced the creation of a working group that will develop positions on issues of taxation of transactions with cryptocurrencies. And meshack earlier in the Verkhovna Rada was submitted a bill, which supposes introduction of 5% tax on transactions with cryptocurrencies for individuals. the authors document these changes to the Tax code will provide the state an amount of 1.27 billion annually until 2024.