The Ukraine is taking massive leaps to legalize cryptocurrency. There’s a new regulatory concept that recognizes tokens as financial instruments (as well as coins). The new concept won the support of high-up members in the Financial Stability Council of the country. The new body holds members from the National Bank and Finance Ministry, filled in with members of other important government agencies.
New Concept For Cryptocurrencies In The Ukraine
It has been quite some time since the Ukraine made any headway with cryptocurrency. But with the new decision in Kiev, a giant step has made up for lost time. The country’s government is now supporting the development of cryptocurrency being recognized as a financial instrument. The main body of the regulatory concept is made from several members in different government institutions, like; The Ministry of Finance, National Security, Stock Market Commission, Deposit Guarantee Fund and the National Financial Services Market Commission.
The news comes shortly after the commission made council announced on Twitter that the NSSMC was in support of the new concept. It’s a pivotal step in the progression of bringing cryptocurrency to the Ukraine for stabilizing the economy of the country. It shows the countries readiness to move forward with a new regulatory infrastructure for cryptocurrency markets.
The newly approved concept will hopefully make cryptocurrencies usable for financial purposes in the future of the country. It’s also a move by the government to show the potential role they will play in regulating cryptocurrencies, to keep the safe and secure for the people of the country. Some of the commission involved in the new regulatory concept like the Finance Ministry, for example, are now helping the circulation of cryptos, licensing regulations around them, and participating in transactions or disclosures of information about them.
Cryptocurrencies Are Still Illegal
As of today, the final choice on cryptocurrencies is still up in the air. Three bills have been passed to legalize it without success since last October. The lack of progress throughout the last 8-10 months sets some shadow on the use of cryptocurrency in the country. But, with the new regulatory concept, people’s eyes are opening up to a new possibility for using cryptocurrency in the future of the Ukraine.
The NSSMC, one of the major regulators of crypto in the country, hasn’t shown support for any of the bills petitioned for. They’ve objected against the use of cryptocurrency for everyday use in the country, calling it a type of financial engineering. The National Bank of the Ukraine and Stock Market Commission doesn’t recognize crypto as a viable, legal payment option either.
Cryptocurrencies have still been gaining popularity in the Ukraine, especially over the last two years. Media in the country claims the country is among the top 10 cryptocurrency user in the in the world. Other reports released have said there is a turnover rate for cryptocurrency in the Ukraine hits $1.9-$2 million USD. The volume is likely much higher than that, due to the smaller trading exchanged and PSP-based services.
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