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Ukraine Takes a Positive Step Towards Legalizing Cryptocurrencies

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Ukraine cryptocurrencies financial stability
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Ukraine’s Financial Stability Council has supported a concept to regulate the transactions of cryptocurrencies.

The body is composed of representatives from the National Bank of Ukraine, the Ministry of Finance, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Financial Services Market Commission.

As seen above, Timur Khromaev, head of the National Securities and Stock Market Commission ( NSSMC) made the announcement about the decision of the council on social media.

“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,” Khromaev said in a Facebook post.

If this new concept is approved, cryptocurrencies and tokens will be recognized as financial instruments. It will also determine the roles and functions of government agencies, such as the National Bank, the Finance Ministry, the State Fiscal Service, the State Financial Monitoring Service, and the NSSMC, in regards to regulating the circulation of cryptos, licensing of participants in crypto transactions, and disclosure of information.

However until then Cryptocurrencies Still Unregulated, Not Legal in Ukraine. But if things should continue the way it is now, there is a very high possibility that Ukraine will adopt a comprehensive crypto regulation.

Cryptocurrencies have been steadily gaining popularity in Ukraine, especially in the last couple of years. Local media claim that the country is among the top 10 by number of crypto users. According to some recent reports, the estimated daily crypto-hryvnia turnover on the three major Ukrainian exchanges reaches $1.9 – $2 million USD.

We keep our fingers crossed to see what would happen in the country’s future decision about cryptocurrencies.

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