A National Bank of Ukraine (NBU) official has called for a hands-off approach to cryptocurrency regulation in the Central European nation, claiming that over-regulation is stunting industry growth.

Mikhail Vidyaking, the head of Strategies and Reforms Department at NBU has charged that laws need to be sensibly implemented with an aim to promote the growth of the cryptocurrency industry. Clear definition, according to him, is another problem, with numerous regulators overseeing the industry without any real guidelines.

Vidyaking feels that Ukraine’s banks will be far more likely to come on board with cryptocurrency services with clear guidance and less regulation coming from Kiev. These views follow the central government’s announcement that Ukraine will fully legitimize cryptocurrencies in two stages within the next three years with full regulation for providers and custodial platforms by 2021.

It appears that the government in Kiev is beginning to heed the calls from the industry, including such bodies as the National Cybersecurity Coordination in Kiev, where concerns for the future of Ukraine’s crypto industry have been aired.

The main regulatory body in Ukraine is the FSC who is responsible for assessing and minimizing risk in the country’s national financial sector. The council comprises of the Governor of the National Bank of Ukraine, the Minister of Finance, heads of the National Securities and Stock Market Commission and the National Commission for State Regulation of Financial Services Markets and Managing Director of the Deposit Guarantee Fund.

Ukraine’s current crypto trade stands at USD 775 million a year; any review of legislation in favor of cryptocurrency users is certain to give the industry its long-awaited stability.

 

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