On July 7, 2018 the Law “On Currency and Currency Operations” (No. 2473 – VIII, hereinafter referred to as “the Law”) entered into force. The Law is going to bring revolutionary change to the Ukrainian currency regulation.
The Law introduces new currency regulation policy based on the freedom of contract; the currently practiced exceptional principle requires a license for all cross-border transfers of capital except few. Market instruments are expressly prioritized over the administrative ones. Restrictions shall be established only by laws, however, a wide discretion is also granted to the National Bank of Ukraine’s regulations.