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LAW OF UKRAINE

of June 21, 2018 No. 2473-VIII

About currency and currency transactions

This Law determines the legal basis of implementation of currency transactions, currency control and currency supervision, the right and obligation of subjects of currency transactions and authorized institutions and establishes responsibility for violations of the foreign exchange legislation.

The purpose of this Law is ensuring single state policy in the sphere of currency transactions and free implementation of currency transactions in the territory of Ukraine.

Article 1. Determination of terms

1. In this Law the following basic concepts are used:

1) currency transaction - the transaction having at least one of the following signs:

a) the transaction connected with transition of the property right to currency values and (or) rights to claim and the obligations connected with it which subject are currency values between residents, nonresidents, and also residents and nonresidents, except the transactions performed between residents if such currency values is the national currency;

b) trade in currency values;

c) cross-border transfer of currency values and cross-border movement of currency values;

2) currency control - activities of the National Bank of Ukraine and in the cases of the Cabinet of Ministers of Ukraine established by this Law, directed to regulation of implementation of currency transactions by subjects of currency transactions and authorized institutions;

3) currency supervision - system of the actions aimed at ensuring compliance with currency transactions by subjects and authorized institutions of the foreign exchange legislation;

4) currency values - national currency (hryvnia), foreign currency and bank metals;

5) foreign currency:

a) bank notes of monetary units of foreign states in the form of banknotes, treasury notes, coins which are in circulation and to exchange for the bank notes which are legal means of payment in the territory of the corresponding foreign state or group of foreign states, and also withdrawn or withdrawn from circulation, but subject being in circulation;

b) the means on accounts in banks and other financial institutions expressed in monetary units of foreign states and the international settlement (clearing) units (in particular in special drawing rights), which are payable in foreign currency;

c) the electronic money nominated in monetary units of foreign states and (or) bank metals;

6) national currency (hryvnia):

a) bank notes of monetary unit of Ukraine - hryvnia in the form of banknotes, coins, including turnover, commemorative and anniversary coins, and in other forms which are in circulation and to exchange for the bank notes which are legal means of payment in the territory of Ukraine, and also withdrawn or withdrawn from circulation, but subject being in circulation;

b) the means on accounts in banks and other financial institutions expressed in hryvnia;

c) electronic money, nominated in hryvnia;

7) non-bank financial institution - financial institution, except bank;

8) nonresidents:

a) physical persons (foreign citizens, citizens of Ukraine, stateless persons) having the permanent residence outside Ukraine, including those which temporarily are in the territory of Ukraine;

b) legal entities and other subjects of managing with the location outside Ukraine which are created also act according to the legislation of foreign state, including in which shares belong to residents;

c) the foreign diplomatic, consular, trade and other official missions located in the territory of Ukraine, the international organizations and their branches having immunity and diplomatic privileges, and also representative offices of other organizations which are not performing business activity according to the legislation of Ukraine;

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