Ukraine Financial Stability Council In Favour Of Crypto Regulation

Ukraine Financial Stability Council In Favour Of Crypto Regulation

Ukraine has introduced a new regulatory step in the world of cryptocurrency. This recognises coins and tokens as financial instruments and has won support from the members of Ukraine’s Financial Stability Council. This council is comprised of representatives of the National Bank, the Finance Ministry, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Financial Services Market Commission.

Ukraine hasn’t done anything in quite a while in the realm of cryptocurrency. However, recently, this decision announced on social media by Timur Khromaev, head of National Securities and Stock Market Commission has been a major positive step in the direction. He said in a Facebook post,

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.

This newly approved concept approves certain types of cryptocurrencies and tokens as financial instruments. It also determines the roles of different financial institutions such as National Bank, the Finance Ministry, the State Financial Monitoring Service and others. This is in terms of regulating the circulation of cryptos, licensing of participants in crypto transactions and disclosure of information.

Three bills related to legalisation and regulation of cryptocurrency have been filed since October 2017 but no significant progress has been made. However, cryptocurrency has been gaining popularity in Ukraine, especially in the last few years. Local media has released reports that the country is in the top 10 by number of users around the world. Despite these facts, the NSSMC, one of the regulators, did not support these three bills. Even other financial bodies like the National Bank did not recognise cryptocurrency as a legal method of payment or money replacement.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.