Ukraine Government Supports New Crypto Regulations Concept

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The Financial Stability Council of Ukraine has bolstered an idea for crypto controls, Timur Khromaev, leader of the National Securities and Stock Market Commission (SSMCS) announced on a Facebook post July 20. 

As indicated by Khromaev, the idea includes perceiving cryptographic forms of money and tokens as monetary instruments, sets up the parts and elements of legislative bodies in managing those instruments, notwithstanding authorizing exchange members, characterizing data exposure conditions, and different components.

The thought was drafted by the Financial Stability Council – a body made up of authorities from administrative specialists including the National Bank of Ukraine, the Ministry of Finance, the National Financial Services Market Commission, the National Securities Commission and the Deposit Guarantee Fund.

Khromaev said that “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.”

As per Khromaev, the growing crypto industry has caused the crypto market to become an “integral part of economic and financial relations.”

In the mean time, Ukraine is creating an appealing hub for crypto miners. A month ago, the nation’s State Service for Special Communications and Information Protection reported that the they do not have set any plans to authorize license for cryptcurrency mining.

 

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