August is not the best period for important decisions but it seems a good time to sketch plans for the second active half of the year. Authorities in several countries have shared their intentions regarding the regulation and oversight of the crypto space. The club of crypto-friendly jurisdictions may accept new members this fall. Others may take a different route, at least for now.
Also read: Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume
Ukraine to Take Example from Switzerland, Malta, Gibraltar
Kiev, which has postponed the adoption of crypto regulations for some time, has indicated its decision to follow the examples set by crypto-friendly jurisdictions like Switzerland, Malta, and Gibraltar. That’s according to comments made by Timur Khromaev, head of the country’s National Securities and Stock Market Commission (NSSMC).
Ukraine needs a law in order to become a leader in creating conditions for the development of the crypto market, he said, quoted by local and Russian media. Khromaev also believes that cryptocurrency is a financial instrument, before anything else, and insists that it should not be viewed as a means of payment. This presumption is a corner stone of the new regulatory concept adopted recently by Ukraine’s Financial Stability Council of which the NSSMC is a member. The high-ranking Ukrainian official also stated:
We plan to legally recognize cryptocurrencies as a financial assets and allow people to invest and use these financial instruments.
The next step, Khromaev added, will be to implement a mechanism for taxation and define the regulatory responsibilities of relevant government institutions. According to the NSSMC’s president, the new legislation, which is currently being developed in cooperation with Ukrainian deputies and representatives of the industry, is
