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People’s deputies of Ukraine are developing a bill that legalizes and regulates the use of cryptocurrency in Ukraine. This is posted by MP Oleksiy Mushak on Facebook.
The document gives a designation of a cryptocurrency. It includes a token, which is a centralized or decentralized digital unit of accounting. It functions as an exchange instrument or as preservation of value.
The principles that this bill defines, ensure the full use of the cryptocurrency, without regulatory or bureaucratic obstacles, ensuring transparency for all market players in order to eliminate fraud and protect their rights and interests. And also improving the international reputation of Ukraine for conducting activities in the cryptocurrency market.
The document determines the rights and duties of market participants. They can independently choose a cryptocurrency rate for operations; professional market participants; submit proposals aimed at regulating legislation.
It is also necessary: to adhere the conscientious operation with the crypto currency; make promptly requests for a report on the transactions performed report ; Professional market participants should issue reports about their activities on the clients request.
National Securities and Stock Market Commission will act as a regulator, performing its functions and responsibilities.
Professional market participants will be: cryptocurrency stock market; custodians of cryptocurrencies and third parties tokens; software providers.
The activities of professional market participants will regulate the Law on prevention and counteraction the use of cryptocurrency for money laundering, terrorist financing, and other criminal activities.
«The final version will be ready in two weeks», – said Oleksiy Mushak.
As «The Journalist» reported, a network of pawnshops will launch loans secured by crypto-currency in Ukraine.
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