The Bitcoin Foundation about the bill Fishing: what the author wanted – a mystery

KIEV. 26 Nov. UNN. Bitcoin Foundation Ukraine (BFU), together with the Juscutum law firms reviewed the bill “On stimulation of the market of cryptocurrencies and their derivatives in Ukraine” by the people’s Deputy Sergey Fishing. The experts called him a populist, but a number of provisions of the document is pointless. This is stated in the press release of the BFU, reports UNN.

So, according to conclusions of experts, the bill “radical” Fishing equates cryptocurrency to the financial asset, approaching, thus to Japan’s position. However, a lot of inaccuracies and provisions that have no practical value.

“(The draft Fishing – ed.) came the definition of a derivative for money. But given the fact that today the market of secondary securities is not settled, the practical value of this provision does not contain. And as there are no legal mechanisms for the issue of derivatives in Ukraine — it does not solve the issues with ISO, the nature of the tokens which are in most cases close to derivatives. I wanted to identify the authors in the position of derivatives — remains a mystery”, – stated in the release.

The experts stressed that the document contains a provision which can be atraktivno as a commitment to buy and sell cryptocurrency only through financial intermediaries, though, directly from the provisions of the draft should not be.

“The bill is quite populist (declarative) statements about encouraging mininga. But it is very hard to imagine their practical application. Here already mentioned about the tariffs for mining and the possibility of taxation of profits in bitcoin, but there is no mechanism to implement these points,” say analysts and lawyers.

In the BFU added that the bill “radical” no significant changes in comparison with the current status of mining (lack of norms) in the end does not bring.

Recall, Bitcoin Foundation Ukraine parliamentary bills on cryptocurrency called “raw” and populist.

Add that to the NBU also criticized MPs for the surface approach in the preparation of relevant projects.

As reported UNN, the MP Fishing lie was dismissed from the post of head of the Finance Committee. One of the reasons for this decision was the criminal proceedings of SBU on suspicion in the family business of Fishing in trade with ORDO.