Ukraine has taken a positive step towards legalizing cryptocurrencies. A new regulatory concept, one that recognizes coins and tokens as financial instruments, has won support from the members of the country’s Financial Stability Council. The body includes representatives of the National Bank, the Finance Ministry and other government agencies.
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Ukraine Adopts Regulatory Concept for Cryptocurrencies
It’s been quite a while since Ukraine made any notable progress towards regulating its crypto sector. A new decision in Kiev, however, qualifies as an important development. The country’s Financial Stability Council has supported a concept to regulate crypto transactions. The body is composed of representatives from the National Bank of Ukraine, the Ministry of Finance, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Financial Services Market Commission.
The news about the decision of the council was announced on social media by Timur Khromaev, head of the National Securities and Stock Market Commission (NSSMC). “This is an important first step in building a consensus among government agencies and financial regulators which confirms the readiness to work with the Verkhovna Rada and the crypto market on forming a legislative and a regulatory framework that will ensure transparency and quality of relations between investors and crypto market participants,” Khromaev said in a Facebook post.
The newly approved concept recognizes certain categories of cryptocurrencies and tokens as financial instruments. It also determines the roles and functions of government agencies, such as the National Bank, the Finance Ministry, the State Fiscal Service, the State Financial Monitoring Service, and the NSSMC, in regards to regulating the circulation of cryptos, licensing of participants in crypto transactions, and disclosure of information.
