On 4 January, the National Bank of Ukraine (the
"NBU") approved and published a number
of regulations setting out a new legislative framework for
Ukrainian currency control. These regulations will come into effect
on 7 February 2019, along with a new law titled "On Currency
and Currency Operations".
The previous outdated currency control regime was based on the
principle that all currency transactions, save for a few
exceptions, require a license from the NBU. The new law makes a
long-awaited shift to the principle that all currency transactions
are permitted unless expressly restricted by law. In parallel, the
liberalisation of the currency control regime will, in effect, be
replaced by financial monitoring, as well as a tightening of tax
legislation, such as through BEPS and similar measures.
