Financial Stability Council of Ukraine Supported the Concept of Cryptocurrency Regulation

National Securities and Stock Market Commission of Ukraine (NSSMC) will be responsible for cryptocurrency regulation. At the regular meeting on July 20, 2018 the Financial Stability Council discussed and supported the draft concept of state regulation of cryptocurrency transactions, presented by Timur Khromaev, the Chairman of the National Securities and Stock Market Commission of Ukraine (NSSMC).

This concept defines certain categories of cryptocurrencies and tokens as financial instruments, role and functions of state bodies (NBU, NSSMC, Ministry of Finance, Tax Service, State Financial Monitoring Service) as regulators, licensing, disclosure procedures According to the document, the National Securities Commission proposes to define token as a “centralized or decentralized accounting unit, which is based on mathematical calculations using a computer network and has cryptographic protection.” Crypto currency is defined as a “token that functions as a way of exchanging and preserving value.”It is also expected that the National Securities Commission will regulate cryptocurrency trading, ICO procedures and provide licensing for cryptocurrecny exchange.

The Chairman of the NSSMC noted: “This is the first step for a consensus among the state bodies, financial regulators, which confirms readiness to work with the Verkhovna Rada of Ukraine and cryptocurrency market participants to create legislation that will ensure transparency and quality of relations in cryptocurrency market.”

It is worth mentioning, that legal status of cryprocurrency still remains uncertain in Ukraine. However, Ukraine is among the world leaders of blockchain technology development.

Source: NSSMC

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