Ukraine moves forward to make cryptocurrencies legal

So far Ukraine has not provided any legislation for cryptocurrencies, however some local experts say it may happen by autumn. There are already several draft laws to regulate the industry, but most of them still need to be revised. These days there is both legal and illegal crypto currencies market in Ukraine. Here are some of the latest comments by exerts in the field.

Michell Vidyakin, Director of Strategy and Reforms Department at National Bank, says that the state cannot take autonomous decisions in the field of crypto currencies apart from European norms.

“These currencies have not yet been issued by any central bank. Why do not they fall into cash regulation? Because they have no physical form. Why cannot they be used as electronic money? Because they are not tied to the accounts of banks or other organizations that have a financial license. Now the process of determining the status of crypto currencies and the mechanism for their regulation is hampered by the lack of a unified approach in European legislation, as Ukraine aims to harmonize Ukrainian laws with European ones, ” said the official.

According to the lawyer Artem Afyan, cryptocurrencies are already mentioned in Ukrainian Classifier of Economic Activities, which already provides some legal basis at least for mining. According to Afyan, at first Ukraine completely ignored the problem of regulation, which was the best it could do at that time. However, in order crypto currencies business to develop further, Ukrainian law needs to explain the rules of the game. The biggest problem is the fact that there is still no official definition or explanation of the term “crypto currencies”.

Some good news for the industry appeared this May. The National Securities and Stock Market Commission of Ukraine (NSCCB) will propose for consideration of the Financial Stability Board to recognize crypto currency as a financial instrument. This was reported by the head of the commission Timur Khromaev. In November 2017, consideration of all draft laws on legalization of crypto currencies in the territory of Ukraine was postponed due to the fact that the NSCCB insisted on changing the terminology used in the documents.


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