Ukraine’s Financial Regulators Support Introduction of Regulatory Framework for Cryptocurrencies
Ukraine’s National Bank, the National Commission for Securities and Stock Market, and the National Commission on Finance Services Market Regulation have supported the initiative to legalize cryptocurrencies in Ukraine.
In their joint statement, the spokespersons for the departments have noted that complex legal nature of cryptocurrencies does not allow one to recognize them as money, currency, a foreign currency, a currency value, e-money, securities, or money surrogates.
Last month, Ukraine’s finance minister Oleksandr Danyliuk said cryptocurrencies will not be banned even though its legal status is yet to be determined.
Still, the issue of their legal status has to take into account the recent trends found in development of such technologies, they wrote.
“The aim of introducing a regulatory framework is to protect the consumer rights, tackle money laundering and other illegal activities, identify the subjects of such operations (financial monitoring), and a mechanism for taxation of such revenues,” the statement reads.
At the same time, the regulators reminded that cryptocurrency investment and operations are highly risky.
“Anyone investing in cryptocurrency has to realize they do it at their own risk,” they noted.
Earlier this week, the city council of Kyiv, the capital of Ukraine, has submitted a draft decree on establishing a regulatory framework for cryptocurrencies to Ukraine’s Parliament and the National Bank.
Subscribe to our Newsletter<
- Zuckerberg Urges EU to Outpace Chinese Model and Push Digital Platforms Regulations Based on Western Sets of Values
- Monument to Soviet Construction That Feeds Bitcoin Mining
- Identifying Gram: What Is Going on in Legal Battle Between Telegram and U.S. Financial Watchdog?
- After Telegram’s Lost Battle with SEC, TON Launched Now Under Slightly Different Name
- EARN IT Act: Will the New Law Disrupt Encryption and Censor the Internet?
- Contentos’s Mick Tsai: It’s Impossible to Circumvent the Regulation Issue and It’s Not Just About China
- SEC vs. 11 Crypto-Companies: More Lawsuits to Come
- U.S. Is Almost Compliant With FATF Recommendations on Crypto