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are legal means of payment in the territory of the corresponding foreign state or group of foreign states, and also withdrawn or withdrawn from circulation, but subject being in circulation;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;

d) digital money of the National Bank of Ukraine;

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 separate divisions which have immunity and diplomatic privileges, and also representative offices of other organizations with the location outside Ukraine which are not performing business activity according to the legislation of Ukraine;

d) separate divisions of the legal entities specified in the subitem "v" of Item 9 parts one of this Article located outside Ukraine also perform business activity according to the legislation of foreign state;

") other persons which are not residents according to Item 9 parts one of this Article;

9) residents:

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

b) the physical persons entrepreneurs registered according to the legislation of Ukraine;

c) legal entities and other subjects of managing with the location in the territory of Ukraine which perform the activities according to the legislation of Ukraine;

d) the diplomatic, consular, trade and other official representations of Ukraine abroad having immunity and diplomatic privileges, and also the branches and representative offices of the companies and organizations of Ukraine abroad which are not performing business activity according to the legislation of Ukraine;

") separate divisions of the legal entities specified in the subitem "b" of Item 8 parts one of this Article, namely branches, representations, departments or other separate divisions which do not have the status of the legal entity and performing business activity on behalf of the legal entity in the territory of Ukraine;

10) subjects of currency transactions are the residents and (or) nonresidents performing currency transactions;

11) trade in currency values - transactions on purchase, sale or exchange of currency values which are performed as in cash form (for bank metals - with physical delivery), and non-cash form (for bank metals - without physical delivery);

12) cross-border movement of currency values - import, transfer to customs area of Ukraine, export, transfer from customs area of Ukraine or transit through customs area of Ukraine of bank metals, cash;

13) cross-border transfer of currency values - movement of certain amount of means in Ukraine or out of its limits for the purpose of transfer of these funds for the account of the receiver or issue to it in cash form;

14) authorized institutions - the banks, non-bank financial institutions and operators of mail service who obtained the license of the National Bank of Ukraine according to this Law.

2. The term "bank metals" is used in the value determined by the Law of Ukraine "About state regulation of production, production and use of precious metals and gemstones and control of transactions with them".

The term "goods" is used in the value determined by the Law of Ukraine "About foreign economic activity".

Terms "financial institution", "financial service" are used in the values determined by the Law of Ukraine "About financial services and finance companies".

The term "bank" is used in the value determined by the Law of Ukraine "About banks and banking activity".

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