Ukraine Considers the Concept of Crypto Regulation

Ukraine considers of crypto regulation - CoinShot

The Chairman of the National Securities and Stock Market Commission (NSSMC) Timur Khromaev wrote in Facebook that the Financial Stability Council of the country “considers the concept of regulation the blockchain based digital currencies as financial instruments”.

Nice to hear that more and more countries see the global uncertainty in the field of digital currency, bring clarity and accept certain rules for regulating the crypto sector.

Ukrainian crypto holders consider a big breakthrough the consent of the Financial Stability Council – a body consisting of officials of supervisory observers, including the National Bank of Ukraine, the Ministry of Finance, the National Commission for the Financial Services Market, the National Commission on Securities – to regulate the local cryptocurrency industry.

Khromaev states that certain digital assets will be recognized in financial instruments and will defined roles for crypto regulators.

Further, the official noted that this latest development lays a solid foundation for more significant events:

“The [financial stability] council confirms its willingness to work with the Verkhovna Rada of Ukraine to form the legislative and regulatory framework for the digital currency.”

The NSSMC Chairman made a statement about the positive position regarding the creation of a regulatory framework for the crypto sector earlier in May 14, 2018. At that time he declared:

“The Cryptocurrency is quickly becoming a huge force that has to be reckoned with in global economic and financial relations. It makes sense to regulate Bitcoin and other cryptocurrencies as financial instruments.”

To date, Bitcoin and other cryptocurrencies haven’t been officially classified as legal means of payment in the country, but the overwhelming majority of Ukrainians remain enthusiastic about the growing crypto ecosystem.

Sergei Demidyuk, head of the Cyber Poliсe Department of Ukraine, said in February:

“The cyber police supports the idea of ​​legalization of the cryptocurrency in Ukraine, as well as the process of its mining.”