Ukraine to Support Cryptocurrency Regulation Framework
Since Ukraine has not made any specific advancements in regards to the regulatory development of its cryptocurrency economy, a recent approval in Kiev sheds light on a big-time development for the country and crypto. Ukraine’s FSC has approved of a new idea aimed at regulating cryptocurrency transactions.
A step forward
The financial council consists of several leading authorities within the country including distinguished individuals from Ukraine’s central bank, the finance ministry, the NSSMC and the national commission in charge of financial services throughout Ukraine.
Timur Khromaev, head executive of the NSSMC took to social media, announcing the new regulatory plans by the council. Posting on Facebook, he said that the decision is a vital step forward towards a settled agreement between Ukraine’s governing bodies and regulators and displays eagerness to thoroughly and justly regulate crypto to ensure maximum efficiency in terms of transparency and quality services among crypto-involved parties.
Currently, the decision involves several different topics, including the recognition of digital currencies as financial tools. Furthermore, the regulatory design will outline every government agency’s role in the new system designed to regulate crypto activity as well as provide licenses regarding digital transactions and more.
Not yet legal
As of now, digital coins have yet to be regulated and are not a legalized asset in Ukraine. Despite three different proposals submitted to the Verkhovna Rada since last year, no notable advancements regarding cryptocurrency adoption have been made yet. Regarding the three bills, each represents a different factor, including cryptocurrency circulation, market momentum and a third proposal directed at taxes related to crypto and no mention of cryptocurrencies was made in the latest vote for Currency Law.
The NSSMC refused to support the submitted proposals, saying that the term itself, cryptocurrency, was not to be used in legitimate texts. None of the other involved commissions and regulators have acknowledged digital currencies as legal payment methods or alternatives to fiat currency. Ukraine has seen a consistent rise in cryptocurrency usage and media outlets within the country are saying that it easily resides among the ten leading countries by crypto-user activity. More reports state that cryptocurrency conversion to hryvnia with three of the leading exchanges accumulates up to two million dollars a day.