After a long period of cryptocurrency trading in the country, the government has finally started to take the fintech seriously. A new digital currency regulating concept has been recently developed by the Financial Stability Council. The document outlines the main categories of cryptocurrency as financial instruments and the rights of the government as a regulatory body.
“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 [the unicameral parliament of Ukraine] 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,” Timur Khromaev, the head of the National Securities and Stock Market Commission (NSSMC), said.
With virtual coins gaining widespread popularity, Ukrainian authorities made a step towards regulating this field. A new plan was created by the Financial Stability Council, that includes officials from the Ministry of Finance, the National Bank of Ukraine, and few others.
History Of Attempts
Ukraine has already tried to cope with the crypto question in the country and not even once. The problems with the unregulated circulation of crypto coins needed to be solved some time ago. Furthermore, lack of regulation and anonymity together with the decentralized nature of coins make them out of legislative compliance.
Since last October there were filed three bills on the regulation of crypto market but no real progress has been observed till the beginning of 2018. Only this year the government arranged
a working group in order for the newly born entity to develop the set of financial technology regulations.
The NSSMC suggested a workable regulatory concept in May. It was positively accepted by the authorities and taken into further development.