The law on currency and currency transactions (No. 2473-VIII) has been published in the parliament’s Holos Ukrainy newspaper on July 6, 2018, and will take effect on February 7, 2019.
“The law comes into force on the day after publication and takes effect seven months after coming into force,” read transitional provisions.
As reported, on June 21, 2018, the Verkhovna Rada adopted at second reading and as a whole the bill on currency and currency transactions.
Ukrainian President Petro Poroshenko signed into law the bill on July 4, 2018.
The document will speed up currency liberalization and suggests a conceptually new approach to the system of currency regulation and supervision – “everything that is not directly prohibited is permitted.” It is intended to become a single legislative act that determines the order of the organization of currency regulation and the implementation of currency supervision in the country.
At present, the major normative legal act regulating the currency market is a 1993 decree of the Cabinet of Ministers on the system of currency regulation and currency control.
