Ukraine Returns To Crypto Discussion
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21 July
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Ukraine is taking small steps towards a crypto future. The idea of regulating crypto transactions has been approved by the Financial Stability Council of Ukraine. The announcement was made via Twitter by Timur Khromaev, the head of the National Securities and Stock Market Commission. In a Facebook post, he noted that this is the“first step” in finding a consensus between regulatory bodies and government agencies.

The new concept distinguishes certain types of crypto as financial instruments, it also lays down the roles and functions of a number of government agencies, as to coordinating crypto circulation, crypto transaction licensing and information disclosure. This is good news, because before crypto was not seen as a legal form of payment in Ukraine. However, the status of cryptocurrencies is still undecided upon. Since Autumn three laws have been filed to the Rada, but no evident progress was made to approve them. This hasn’t stopped the people of Ukraine from using crypto, and it is reported that the top Ukrainian exchanges daily turnover is around $2 million.

WHY IS THIS IMPORTANT?

  1. If these first steps turn into an adopted law, then this will make the lives of Ukrainian crypto-users simpler.
  2. Along with other pro-crypto nations, Ukraine may start the process of creating legal transparency for the crypto market.
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