“Zheleznyak announced when the draft law on crypto reserve in Ukraine may be registered in the Verkhovna RadaA draft law on the creation of a crypto reserve may be registered in the Verkhovna Rada. It will allow adding virtual assets to
reserves, if there is a decision of the regulator.”, — write: unn.ua
DetailsLast week, two directly opposite pieces of information regarding possible changes in the formation of state finances entered the Ukrainian information space. First, Zheleznyak confirmed that Ukraine is developing a bill on the creation of a state strategic bitcoin reserve. And a few hours later, the chairman of the same tax and customs committee, Danylo Getmantsev, denied this information.
When asked whether a bill on the crypto reserve is being prepared or not, Zheleznyak answered: “The story here is this. Three months ago, in an interview with “Ukrainska Pravda”, I said that we are preparing a bill on the crypto reserve, and as soon as it is ready, we will submit it to parliament. At that time, we were just consulting with the National Bank, representatives of the crypto industry and experts from the Committee. A few weeks ago, this information resurfaced in the media, which I confirmed to Incrypted.”
Zheleznyak stated that Getmantsev is not involved in the process of preparing the draft law on the crypto reserve.
Is Danylo Getmantsev involved in this process? – No, he is not involved. There is a fairly simple bill. In fact, we may even register it in parliament this week.
The MP also spoke about the details of the bill.
We give the opportunity, if there is such a decision of the regulator, to add virtual assets to our reserves. The regulator will determine which ones. Do they want to keep this part of the reserve in bitcoins? – Good. Do they want other options? – Please. This will be their logic and choice. I don’t see any point in regulating this. Because the crypto industry is developing very quickly, as is the virtual asset market. There are certain details in the bill, but we can talk about them when we register it.
When asked to clarify whether it concerns crypto assets that the state already has, for example, confiscated or those that Ukraine received as donations, Zheleznyak replied: “I, frankly, do not know so many cases when crypto was confiscated.”
The MP noted that, theoretically, in such situations, crypto assets are collected into the state revenue and then, theoretically, can move to the reserves.
But now these are not the amounts that can become the basis for the reserve. There is also an example when they were transferred to ARMA and then put up for auction. They recently sold a mining farm. Regarding donations: the state created several crypto wallets, including for donations. But, let’s be honest, not all arms suppliers are clean and ready to accept an official SWIFT payment. How many crypto assets are in these wallets – you need to ask the Ministry of Digital Transformation team about this. But I don’t think that the state owns such an amount of bitcoins that is sufficient for a reserve.
In addition, he explained whether the draft law on the crypto reserve should be considered without reference to another, main draft law on virtual assets.
Can I officially declare the virtual assets that I have as an electronic declaration subject now? – Yes. Moreover, I have been doing this for three years, respectively, there is no correlation between these two bills. Indeed, the law on virtual assets is larger and broader. It is desirable that both bills pass in sync. Can they pass asynchronously? – Yes, they can.
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AdditionOlena Sosiedka in a comment to UNN explained that the lack of clear legislation in Ukraine in the field of virtual assets leads to a number of negative consequences. The first is legal uncertainty. After all, companies and investors face a lack of clear rules, which ultimately hinders the development of the market.
No less important consequence, according to her, is the lack of protection of rights. “Now cryptocurrency users in Ukraine are left without mechanisms to protect against fraud,” – explained Olena Sosiedka.
She added that due to the lack of legal regulation, the state loses economic opportunities, because now the inflow of investments and the development of fintech startups are limited in Ukraine.
In addition, according to her, the legalization of cryptocurrencies will create favorable conditions for attracting foreign investments in the IT sector and fintech startups. This, in turn, will create new jobs, increase the country’s competitiveness and provide citizens with access to new financial instruments.
The fintech expert notes that the adoption of the law on cryptocurrencies will also allow the development of innovations, in particular, legalization will contribute to the development of blockchain technologies and the fintech sector.