Kirill Khomyakov, head of regional markets for binance in the CEI, central and eastern Europe and Africa, discussed the amendments proposed to the Ukraine bill on the regulation of cryptocurrencies.
Earlier this month, the Verkhovna Rada of Ukraine approved during the first reading of the document “on the virtual asset markets”, which will define the status and taxation of cryptocurrencies in the country.
Speaking during the Binance Odesa meeting, Khomyakov noted that the amendments, aimed at “simplifying the lives of users”, were subjected by Binance, other exchanges and the Ministry of Digital Transformation. He expects the bill to undergo significant changes by second reading.
Tax system
According to the senior director, budgetary policy is the main problem.
“Currently, the tax works on a capital gains regime, which means that you will only pay taxes on the assets sold for the national currency. This is already good – there will be no taxes on transactions, without taxes that your wallet increases or decreases, “said Khomyakov.
It expects the rate of taxation of profits during converts to Hryvnia is set at 23% – 18% within the framework of the general regime plus a military tax. Binance proposed to introduce a preferential regime, and now the decision lies in the deputies, added Khomyakov.
Chronology of implementation
Khomyakov provides that the second reading could take place by the end of the year, and after the president’s signing, the law will come into force on January 1. The regulator will then need 6 to 12 months to prepare the statutes and develop procedures.
“The good news is that until this license process is in place, nothing will change for us. At least until the end of this year and for about the first nine months of the next, everything will continue as it is,” noted the representative of Binance.
He added that the firm has not yet decided which agency will be responsible for the regulation of the cryptography market – the National Bank, the National Commission for Securities and the stock market or the Department of Digital Transformation.
Data confidentiality
According to Khomyakov, Binance has submitted many changes concerning the protection of user data. If it is taken care of, nothing will change for cryptographic platforms in this regard.
Currently, law enforcement organizations can request information on suspicious cases, but customer data is not mass transferred to agencies, he explained.
“We think this is very important to maintain your safety and protection. This is the main direction of amendments, and there will be a lot. I hope that after signing the law, it will be much more practical, constructive and easy for all stakeholders in the industry to comply, ”said the manager.
Cryptographic reserve in Ukraine
Khomyakov noted that the government discusses the creation of a national cryptography reserve, but this question is not a priority.
“The National Bank is categorically against this law, but it is not a question of making cryptocurrency a means of payment equally with the Ukrainian Hryvnia, but on a government organization to buy cryptographic assets and thus increase the richness of the state,” he explained.
Banking, Hryvnia card and binance blockchain subsidies
The implementation of the regulations will allow the scholarship to receive free deposits in Hryvnia from any bank, Khomyakov reported.
He added that Binance plans to launch a dollar card in Ukraine soon, followed by a Hryvnia card.
Among the other platform plans is a project temporarily named “Resilience Lab”, which will grant subsidies to developers of Ukrainian blockchain.
“There will be a fairly powerful sponsorship fund specially for Ukraine. We will announce this soon, ”said Khomyakov.
Regulation of P2P and Mica operations
According to Khomyakov, the future of the Ukrainian market P2P remains uncertain – these mechanisms are not described in the law proposed. Everything will depend on the position of the regulator chosen by the cabinet:
“Nor do I know if separate licenses will be necessary for this. In most courts where there is regulation and the possibility of working via P2P, professional traders do not need to obtain licenses, but there are examples where it is necessary. The way she will be in Ukraine is always unknown. ”
He stressed that Binance will do “everything that is possible” to protect his P2P platform, understanding how important it is for users.
Khomyakov said that the exchange had completed the preparation of a complete request for a Mica license in Europe. Binance plans to receive it in the fourth quarter. These rules do not allow P2P operations, noted the manager.
As indicated in Forklog, the Partner of Technology and Investment Technology of Juscutum, Petro Bilyk, underlined the need for a significant revision of the Ukrainian bill for cryptocurrencies.
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