Ukraine’s Proposal for Steps to Regulate Crypto Revealed as Popularity Grows

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Ukraine's Proposal for Steps to Regulate Crypto Revealed as Popularity Grows

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The Ukraine National Securities and Stock Market Commission (NSMCS) has indicated that the Financial Stability Council (FSC) is considering further crypto regulation in that country.

The FSC is the Ukrainian body 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.

At this point, Ukraine still hasn’t endorsed legislation to legalize cryptocurrencies in the country despite increased activity in its crypto space; legislation talks which are reported to be looking at blockchain and the storage and trading of cryptocurrencies are long awaited by exchanges and miners.

The head of the NSMCS Timur Khromaev has recently suggested that the way to move forward on this is to recognize cryptocurrencies as tokens and financial instruments, which will then necessitate government regulation and licensing rules, all of which is currently absent. This he suggests would be “an important first step in building a consensus among government agencies and financial regulators.”

This regulatory framework would be needed, claims Kromaev to ensure the crypto space in Ukraine can ensure a high level of interaction between all participating players and market transparency.

Kromaev’s suggestions are not new as he pushed for proper regulation back in May, suggesting that the developing crypto industry is becoming an “integral part of economic and financial relations.”

Last month Ukrainian regulators turned their attention to crypto-mining when a Ukraine government agency announced that it has no plans to regulate cryptocurrency mining in the country.

The State Service for Special Communication and Information Protection of Ukraine made the announcement after a request to clarify the status of crypto mining by the Better Regulation Delivery Office (BRDO), an organization which promotes economic freedom and efficient regulations in the country.

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