At the moment, there is no special legislation regulating blockchain projects and the circulation of cryptocurrencies in Ukraine. Cryptocurrencies have the special attention of Verkhovna Rada, the National Securities and Stock Market Commission of Ukraine and the National Bank. To avoid divergence and harmonize the positions of official agencies bills have been developed by an interdepartmental working group consisting of representatives of state bodies. Due to the lack of a clear position of regulators on the issue, it is difficult to speak about the divergence.
Definiteness of Legal Regulation
At the moment, there is no special legislation regulating blockchain projects and the circulation of cryptocurrencies in Ukraine. Moreover, there are no statements by the authorities indicating that general legislation can be applied to relationships associated with cryptocurrencies by analogy. In fact, the entire crypto-industry remains unregulated.
Currently, three bills related to cryptocurrencies are under consideration in the Verkhovna Rada. An interdepartmental working group is working on a single bill.
Stability of Legal Regulation
The current situation with the legal regulation of cryptocurrencies in Ukraine can be characterized as unstable. Several bills on cryptocurrencies have been submitted to the Verkhovna Rada, the working group is developing a unified bill. The discussion of the bills is scheduled for late 2018 – early 2019. At the moment it is difficult to predict which of the bills will eventually be adopted. The bills under review are actively criticized by other government agencies and the blockchain community.
Adequacy of Legal Regulation
The current legal situation with cryptocurrencies creates a rather maladapted environment for the crypto-industry. Law-enforcers' actions regarding mining and blockchain enthusiasts can be characterized as aggressive; the existing legal situation does not contribute to the promotion of the crypto-industry. At the same time, at the moment, state bodies are developing special legislation to regulate cryptocurrency-related and blockchain projects. In general, the authorities are very positive about the potential of the blockchain and cryptocurrencies, so in the future the legislation may become more adequate.