Ukrainian National Securities and Stocks Commission: Consider cryptocurrency as a financial instrument

Timur Khromaev, head of the Ukrainian National Securities and Stocks Commission (SSMCS) issued a statement on Facebook saying: 1. The country will consider digital currency as a financial instrument; 2. Digital currency has developed rapidly in the past three years. To promote the market has become a relevant part of the economic and financial sectors. SSMCS members have stressed the need for legal recognition of cryptocurrency and adjusted the position of financial regulators; 3. The extreme operation of digital assets should be considered in the existing legal framework and based on the nature behind these assets rather than the form (For example, paper or digital) to supervise, the new regulations should take into account the dynamic nature of digital assets; 4. The new regulation of cryptocurrency regulation will be defined at the national level, and it has a long way to go from national standards.
Ukraine’s attitude towards digital currencies is uncertain. In August last year, the Ukrainian Central Bank opposed the use of cryptocurrency as a means of payment. In October, the Ukrainian Central Bank stated that it had passed a resolution confirming that the cryptocurrency is legal. In January this year, it also considered considering issuing a blockchain-based version.” Digital version of hryvnia” (note hryvnia is the Ukrainian legal currency).

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