KUNA Bitcoin Agency Abandons Ukraine’s Bitcoin Legalization Draft Law

News and Analysis

Founder of KUNA Agency and eponymous cryptocurrency exchange Mike Chobanyan abandoned his plans to introduce a draft law on cryptocurrency regulation to the Ukrainian Parliament.

“Crypto is totally legal. You can use it by all means. As for legal entities, there’s not much sense in doing anything for them. Even if we pass the most liberal laws on virtual currencies, I seriously doubt anyone would open companies in Ukraine. Other 147 taxes and currency regulation are still here, let alone the mayhem caused by law enforcement agencies (the Ministry of the interior, State Fiscal Service, the Security Service of Ukraine, the General Prosecutor’s office, courts, etc). I’d rather leave it as it is. It’s a perfect format for a time like this,” Chobanyan told ForkLog.

Earlier, Bitcoin Foundation Ukraine was actively engaged in Ukrainian version of BitLicense. This January media reports suggested Chobanyan and several legal experts intended to prepare a draft law on cryptocurrency legalization in Ukraine.

“If Verkhovna Rada (Ukraine’s Parliament – FL) passes the draft law, Bitcoin will become legal, and companies will be free to effect payments in the currency,” ITC.ua reported back then.

Ukraine’s cryptocurrency industry has suffered a series of disasters, including attempted bans of digital currencies and pressure imposed on market players by various law enforcement agencies. Today, the community ceased to be a uniform bitcoin clubbish set and mostly turned into several groups of companies and people interested in blockchain technology. There are not only cryptocurrency enthusiasts and developers but also reformers alongside with major financial and technological companies.

Platform eAuction is one of Ukraine’s most crucial efforts in the area dedicated to bringing more transparency and decentralization to procurement procedures for state-owned property. According to ForkLog’s sources, the first public auction for state property on the platform will take place within two months’ time. Access platforms for the auction have been launched in Odesa, Sumy, and the country’s capital of Kyiv.

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