Ukraine plans to regulate exchanges of Bitcoin with scrutiny awaiting approval

The scrutiny that has recently been introduced in Ukraine seeks that the area of the cryptocurrencies is under the supervision of the maximum banking institution of the country. The project was first presented on October 6, and according to public records, it sets out in detail the rules for exchange operators and the parameters of taxes and amortization of data. The idea of the legislators is that the cryptocurrencies are registered as a type of property, in the style of the approach adopted in 2014 by the Internal Revenue Service (IRS) of the United States.

The document also includes a section that revolves around crypto active mining – the process by which transactions are added to a blockchain to generate coins as a reward – making it clear that the profits made by this activity will not be exempt from taxes. If we consider that in August the Central Bank of Ukraine insinuated that it was considering the possibility of regulating the cryptocurrencies, the introduction of this project marks a remarkable advance.

Thus, if the proposal is approved and goes into effect, the Central Bank of the country will have two months from that date to create the guidelines that should be followed by exchange houses, in addition to ordering the government to ensure compliance with the parameters ministries and other central executive bodies. It remains to be seen how many changes will be made as the initiative passes through the national legislature of Ukraine, but it is known that several committees of parliament are willing to consider the guidelines, especially the Committee on Financial Policy and Banking of the nation.

Likewise, another aspect that is perhaps decisive is that many representatives of the national legislature invest in Bitcoin and other cryptocurrencies.