Journal of Legal, Ethical and Regulatory Issues (Print ISSN: 1544-0036; Online ISSN: 1544-0044)

Abstract

Legal Regulation of Cryptocurrency Turnover in Ukraine and the EU

Author(s): Yuliia Chornous, Serhii Denysenko, Vasyl Hrudnytskyi, Olha Turkot, Oleksandr Sikorskyi

The EU’s different approach to the legal status of cryptocurrencies was argued - some countries recognized the expediency of using them and work to create a legal framework that reinforces the legal status of virtual currencies, while other countries reject cryptocurrencies and prohibit their circulation. It was proposed to develop a separate bill, involving the active part of cryptocurrency community, which would contain a provision on defining cryptocurrency as a currency, abandoning the barter nature of cryptocurrency, establishing the National Bank of Ukraine as the main regulator of such relations, refusing to limit the acquisition of cryptocurrency only in specialized financial regulators because of possible corruption risks, establishing a procedure for licensing and conducting AML and KYC procedures, predicting real practical steps for introducing a preferential system of mining taxation with subsequent amendments to tax legislation.