Legislative news digest: LEGAL HOTLINE 08.11.2018
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Contents
- The government has approved new criteria for business inspection
- The Ministry of Economic Development and Trade of Ukraine initiates the legalization of crypto currency
- Amendments regarding lending renewal came into force
- SЕТAМ joined the system of state auctions “Prozorro.Prodazhi”
- Updated RRO (payment transaction recorders) register
Legal news for your attention:
The government has approved new criteria for business inspection
On October 31, the Government has approved new criteria for determining the level of risks for conducting inspections by state controlling bodies.
New criteria are being introduced into the following areas: educational activities subject to licensing, electronic trust services, cryptographic protection and technical records of information, nuclear and radiation hazards, urban development activities, construction of medium and high-impact facilities, industrial catch of water bio resources, assessment of compliance with the requirements of technical regulations, the use of intellectual property rights, the study and use of subsoil.
For companies with a low degree of risk, inspections will be conducted once every five years, and for companies having high degree of risk – no more than once every two years. The degree of risk will be determined by the sum of points calculated on the basis of all criteria.
It is expected that the result of such changes will be the redistribution of controlling authorities’ efforts and the more efficient use of their resources, reducing pressure on business, and reducing the risks for the population and consumers of goods and services.
The Ministry of Economic Development and Trade of Ukraine initiates the legalization of crypto currency
The Ministry of Economic Development and Trade of Ukraine initiates the adoption of the Concept of state policy in the field of virtual assets, the purpose of which is to create understandable conditions for conducting activities in the field of virtual assets and virtual currencies.
In Ukraine, there is a legal uncertainty regarding crypto currencies, including their legal status, taxation of transactions with them, the possibility of signing smart contracts.
Consequently, the virtual currency market is developing “in the shadows” to a large extent, which results in the lack of proper protection of crypto currency consumers’ rights and interests, the complexity of virtual currency market participants in matters of legal classification of their activities, the use of banking services, the attraction of foreign investment, the conduct of ICO/ITO.
The concept proposes at the legislative level the definition of key terms related to virtual assets such as “virtual currency” (“crypto currency”), “virtual assets”, “ICO/ITO”, “mining”, “smart contract”, “token”.
Implementation of the Concept is foreseen during the period up to 2021 and includes two stages. In the first stage (2018-2019) it is planned to define the legal status of virtual currencies and activities in the field of virtual currencies, business entities that provide services in the area of their circulation, monitoring, problem analysis and market development trends.
In the second stage (2020-2021) it is planned to resolve issues regarding the recognition of providers of custodian wallets of virtual currencies by entities of primary financial monitoring and development of special legislative acts on the regulation of the use of virtual currencies.
Amendments regarding lending renewal came into force
On November 4, 2018, the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Regarding Lending Renewal” No. 2478-VIII entered into force.
The amendments provide for:
- – reduction of creditors’ risks in the course of credit transactions, which will facilitate the access of business entities and individuals to the use of bank loans;
- – protection of the rights of the creditor-mortgage holder; the document legally guarantees the institution of suretyship;
- – the ability of banks to receive important information on the borrower for credit relations. It will become impossible to alienate mortgaged property without the consent of the creditor bank;
- – reduction of risks of avoiding credit commitment when inheriting the property of the borrower.
The law will come into force on February 4, 2019.
SЕТAМ joined the system of state auctions “Prozorro.Prodazhi”
State Enterprise “SETAM” of the Ministry of Justice of Ukraine completed the submission of documents and testing for the realization of small-scale privatization objects and property of bankrupt banks in the system of state auctions “Prozorro.Prodazhi”.
From now on, SETAM will have all the functions of the authorized platform Prozorro.Prodazhi, namely: the ability to register participants (both sellers and buyers of state and communal property), provide services of access to open auctions, as well as receive a commission in the event the seller registered in the system, wins.
Participants in transparent auctions will be able to register for auctions in Prozorro.Prodazhi through CETAM this week.
Updated RRO (payment transaction recorders) register
State Fiscal Service of Ukraine approved a new State Register of payment transactions recorders. The relevant order of State Fiscal Service of Ukraine No. 688 dated October 22, 2018, came into force. The new RRO register includes 165 titles of payment transaction recorders. A-POS EXPOTRADE-01 and KALYNA-555A were added to the list of recorders of payment transactions excluded from the State Register in 2016-2018, the operation of which is not allowed.
Natalia Matviichuk
Senior Associate, Attorney at law
- Contacts
- 31/33 Kniaziv Ostrozkykh St, Zorianyi Business Center, Kyiv, Ukraine, 01010
- n.matviychuk@golaw.ua
- +38 044 581 1220
Oleksandr Melnyk
Partner, Head of Corporate Law and M&A practice, Attorney at law
- Contacts
- 31/33 Kniaziv Ostrozkykh St, Zorianyi Business Center, Kyiv, Ukraine, 01010
- o.melnyk@golaw.ua
- +38 044 581 1220
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