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Ukraine-Russia tensions rise as Kiev warns of ‘full-scale war’
Ukraine faces total verification – the founder of the Kuna cryptocurrency exchange
The founder of the first crypto-exchange in Ukraine named the key risks to the regulation of cryptocurrencies in the country
The bill passed in the first reading does not define the taxation rules for cryptocurrencies
Chobanyan believes that the sudden adoption of the bill on cryptocurrencies is related to the interests of Western partners
International consortium of news organizations developing transparency standards.
The law “On virtual assets” adopted by the Verkhovna Rada of Ukraine in the first reading carries several risks for the industry at once, the founder of the Kuna exchange believes.
The situation developing around the regulation of the cryptocurrency market in Ukraine carries several risks at once. This opinion was expressed on his Youtube channel by Mikhail Chobanyan, the founder of the largest Ukrainian crypto-exchange Kuna.
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According to Chobanyan, the draft law “On Virtual Assets” (VA) appeared not because of the request of the local market, but because of the demands of Western partners..
“Western partners demand that we pass this law. This is spelled out in some FATF documents and this is one of the little stones in the dialogue with the IMF and other creditors, “he said..
Thus, according to Chobanyan, Ukraine followed the path of the forced adoption of the law, since “it was said from above”.
Separately, the founder of the first cryptocurrency exchange in Ukraine emphasized that the bill adopted in the first reading has nothing to do with taxes, which is a very big risk for the industry. Chobanyan claims that he proposed to clarify all issues with market regulation and changes in the Tax Code in one package, so that the cryptocurrency business and its participants “understand the rules of the game in advance.”.
“We risk getting into a situation when there is a regulation law, but there are no changes in the Tax Code,” Chobanyan noted..
In particular, Chobanyan believes that in the future, the unpredictability of the situation may result not only in the total verification of AML / KYC throughout Ukraine, but also in exorbitant tax deductions of 19.5% from each purchase / sale of cryptocurrencies..
“The problem is that there is a data leakage problem in our countries. I really do not want my personal data with my transactions, my banking transactions, cryptocurrencies somewhere to shine, or in general, somewhere I was marked as a cryptan, which has some kind of turnover and volume. I do not want this base to appear somewhere in the public domain, “Chobanyan said..
The founder of Kuna believes that mandatory verification under conditions of insecure storage of personal data is the number one threat to the freedom and safety of people..
At the same time, Mikhail Chobanyan draws attention to the fact that there is still no clear explanation in the country of the form in which personal data will be collected and how it will be stored. So far, it is known that the Ministry of Digital Transformation of Ukraine (Ministry of Digital Transformation) will have to prescribe verification requirements.
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Hypothetically, according to Chobanyan, someone can lobby for their interests, or the Ministry of Finance independently decides to create the kind of regulation that is not interesting to the local market. However, Mikhail Chobanyan himself hopes for a positive effect of creating a regulatory field in the country.
Recall that the law on VA, adopted in the first reading of the Verkhovna Rada of Ukraine, defines virtual assets as an intangible benefit.
How Ukraine is digitizing the hryvnia – read in a special material from BeInCrypto.
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