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Ukraine plans to legalize cryptocurrency and mining over the next 2-3 years

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The Ukrainian government expects to legalize the circulation of cryptocurrencies and mining within two to three years.

This is stated in the message of the press service of the Ministry of Digital Transformation, published following a meeting of the heads of the department with representatives of the Ukrainian blockchain community, which was held on October 7.

Recall that on September 27 at the presentation of the State in a Smartphone brand, ministry leaders first announced plans to legalize cryptocurrencies. The head of the Ministry of Digital Affairs, Mikhail Fedorov, stressed that cryptocurrencies are now not prohibited in Ukraine, but they do not have an official status either.

“People who are involved in this (cryptocurrency) should leave the gray zone and start paying taxes,” the head of the Ministry of Finance stated.

October 7 During an open meeting of the Blockchain Community and State of Ukraine, the representative of the Ministry of Digital Affairs, Alexander Bornyakov, said:

“The plans of the ministry – after determining the status, make sure that mining is launched legally. That is, those who are engaged in mining, could do this without fear that they are in some kind of "gray zone".

In general, the state plans for the next two to three years :

  • legislatively define terminology; work out a compromise version of taxation in the cryptocurrency sphere;
  • by the summer of 2020, implement the recommendations of the International Anti-Money Laundering Group (FATF);
  • introduce blockchain technology into state registries;
  • legalize mining and attract international cryptocurrency exchanges to the country.

Participants of the meeting noted that while there is mutual understanding between the deputies who oversee the issue of legalization in parliament, the Ministry of Finance and the market, and work to create a legislative and regulatory framework is carried out jointly.

In addition, in the near future, the Ministry of Digital Affairs is planning to sign a memorandum with the inter-faction parliamentary association of the Verkhovna Rada Blockchain4Ukraine , which includes more than 50 deputies, the Blockchain Association of Ukraine (BAU), the Office of Effective Regulation (BRDO) and other structures

For his part, acting Director of the Strategy and Reform Department of the National Bank of Ukraine Mikhail Vidyakin, commenting on the process of legalizing cryptocurrencies, noted:

“In Ukraine, a concept that is understandable for all participants should be developed – definitions, information exchange, who regulates how, issuing licenses, limits, etc. It will be great if the Ministry of Finance takes over it … A regulator of market behavior in this area should be defined, so how without it the rights of consumers and investors could be infringed. ”

Vidyakin called for the prompt adoption of the necessary legislation and the development of a strategy to determine the place of crypto assets in the development of the financial market of Ukraine.

“Now we are developing the“ Strategy for the Development of the Financial Sector 2025 ”, in which regulators accept offers from the market. Documents and the form for submitting proposals in electronic form – on the NBU website in the section "Reform of the financial sector" , – said Vidyakin.

The concept of regulation of operations with cryptocurrencies determines the National Commission for Securities and Stock Market of Ukraine as the main regulator in the cryptocurrency market and assigns to it, in particular, licensing of cryptocurrency exchanges and crypto exchangers . At the same time, the State Financial Monitoring Committee is assigned control over cryptocurrency exchanges, and the Ministry of Finance and the State Fiscal Service are assigned control over the payment of taxes on income from operations with cryptocurrencies.

The legalization of cryptocurrencies in Ukraine was first discussed in 2018 during the time of the government of Volodymyr Groysman. In particular, then they planned to develop taxation rules for cryptocurrency transactions. The government also instructed to introduce cryptocurrency mining into the classifier of types of economic activity (CEDA), which legitimizes this activity.

Publication date 10/08/2019
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Institutionals bet on bitcoin growth, positions on BTC futures doubled

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One of the indicators that signal a possible change in the price of bitcoin is the number of open futures positions on the Chicago SME exchange.

In October 2019, institutional investors doubled the cost of long positions in BTC futures contracts , the Cointelegraph reports.

Institutional Investors Interested in BTC

According to a study conducted by analysts on October 22, the estimated value of the long positions of institutional investors rose to a value above 1000 bitcoins, compared with data on October 1, when this value fell below 500 BTC.

Data on long-term futures on the CME exchange indicate a turning point in the downward interest of the institutional, outlined in September 2019. The sharp collapse coincided with the launch date of physically delivered bitcoin futures from the Bakkt platform , when interest fell from 1300 VTC to below 500 bitcoins.

Analysts at Skew Markets have additionally indicated that institutional investors include:

"… pension funds, insurance companies, mutual funds and investment portfolio managers."

Such analytical data may indicate the continuing desire of large investors to enter the cryptocurrency market.

Recall, the head of CFTC believes that next year, the market may begin to trade futures on Ethereum (ETH) . He also noted that in addition to Bitcoin and Ethereum, other cryptocurrencies can also be classified as goods.

Publication date 10/23/2019
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Tim Draper believes that Ripple coin is preparing for a sharp increase in

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The investor, Bitcoin bull Tim Draper, believes that the current situation in the Ripple market can be called the “calm before the storm” – in his opinion, in the near future, the XRP rate may suffer explosive growth.

During his communication with the participants of the crypto market at the Quora forum, Draper noted that, given the three-fold increase in the Bitcoin exchange rate over the past 5 months, it can be expected that the Ripple coin will also demonstrate similar behavior.

According to the investor, the price of XRP should have already increased to about $ 0.6 or $ 0.9, taking into account all the latest developments of the project and the conclusion of new partnerships. Draper drew attention to the fact that the project is constantly improving its technology for cross-border payments. Moreover, Ripple belongs to the largest SBI corporation, which includes such a serious company as R3. So, according to the investor, everything indicates that now there is only a “calm before the storm”, that is, a calm before the explosive increase in the value of the coin.

Meanwhile, Ripple is developing further. On the eve it became known about the intention of the project to expand its presence in Washington. Brad Garlinhouse, CEO of Ripple, noted that this step will allow the company to be closer to regulators, to train them on the principle of operation of blockchain technology and cryptocurrencies.

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Opera became the first browser in which the built-in bitcoin-wallet

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Opera web browser developers have added support for TRON bitcoin payments and cryptocurrencies to their application for Android devices, CoinDesk writes.

From now on, Opera users will be able to make payments in Bitcoin (BTC) directly from the digital wallet built into the application and interact with decentralized applications on the TRON network. According to the company, these features can help attract new holders to its cryptocurrencies from its database of 300 million users.

“Most people heard about Bitcoin, and we decided to add its support, as well as introduce a wider group of users to this function ,” said Charles Hamel, head of cryptocurrency business at Opera.

In July 2018, an Ethereum wallet was added to the Opera app for Android. The company explained this decision by its desire to contribute to the development of Web 3.0 and implement the vision of creating a decentralized Internet of the future on the blockchain. Later, the release of a cryptocurrency- oriented browser for iOS and a desktop version with support for a digital wallet took place.

Hamel claims that Opera applications are already optimized for working with Web 3.0, however, the integration of bitcoin required additional resources due to the differences of the first cryptocurrency.

“Bitcoin is a completely different phenomenon, which requires its own infrastructure and has a payment-oriented application scenario,” he added.

Publication date 10/23/2019
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Name Price24H (%)
Bitcoin (BTC)
$7,486.57
-8.89%
Ethereum (ETH)
$159.38
-7.89%
XRP (XRP)
$0.266798
-9.55%
Bitcoin Cash (BCH)
$207.04
-10.57%
EOS (EOS)
$2.66
-10.96%
Stellar (XLM)
$0.059584
-6.61%
Litecoin (LTC)
$48.70
-10.77%
Cardano (ADA)
$0.036297
-8.42%
Tether (USDT)
$1.00
0.08%
Monero (XMR)
$53.21
-8.68%
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