New crypto regulations presented in Ukraine and Russia

16 Sep, 2018
by David Robb
News
New crypto regulations presented in Ukraine and Russia

The governments of the Ukraine and Russia have each recently seen drafts for proposed new laws relating to digital currencies. They will hopefully bring some clarity to the legal status and classification of cryptocurrencies in the nations.

In Kiev, Ukrainian MP Alexei Mushaka announced news of a new proposed crypto bill, as reported by Bitcoin.com. It classifies cryptocurrency as an asset, unit of exchange and store of value.

This will differentiate cryptos from tokenized assets, and will allow for tax-free trading between cryptos if passed. Signed by 23 members, the bill has been filed in the Rada and it’s supported by both deputies and representatives of the industry.

Meanwhile in Moscow, the Russian Union of Industrialists and Entrepreneurs (RUIE) have drafted new rules that will also afford special legal status to cryptocurrencies. The laws will see cryptos regulated according to their unique features, and they will also mean that ICOs won't need to apply for licenses to issue tokens, with the tokens themselves being considered as a legal contract.

Read more: Certification program for crypto traders and fund managers launched in RussiaMoscow's hidden crypto markets bloom with $10M daily trading volume

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