Ukraine is seriously considering regulating the use of cryptocurrencies, according to the president of the country’s securities. The world seems to have crossed the point of no return. Khromaev suggests starting the process at the next meeting of the country’s Financial Stability Board.
“The point of no return is already exceeded”
“The point of no return is already outdated … financial regulators must address the regulatory framework related to crypto-currencies, the activity that is attached to it and the possible consequences when creating adaptive statements and legal / normative,” has he said in his speech before the International Organization of Securities Commissions on May 8 last.Timur Khromaev – the chairman of the National Securities and Stock Exchange Commission of Ukraine (NSSMC) and the chairman of the Committee on Development Strategy and Stock Market Economic Analysis – underlined the growing impact of cryptographic currencies on the financial system.
The Ukrainian government has been mixed about the civilian use of Bitcoin and altcoins lately. However, the central bank now seems determined to introduce a digital version of its national currency, the e-hryvnia. A dedicated working group was created last January to discuss the issue.
In parallel, politicians provoked controversy following the disclosure of the information that they held crypto-currencies including Bitcoin, last year. It seems that the estimate of their personal Bitcoin assets has reached hundreds of millions of dollars.
Parliament to discuss legalization
Khromaev believes that a regulatory framework around cryptocurrencies should be developed as soon as possible without waiting for the introduction of international standards. Legal frameworks at the national level should be established.
Khromaev concludes by saying:
All in all, I think it is very prudent to look at the issue of recognizing multiple crypto-currencies … as a financial instrument, to put in place a system to allow their interaction and initiate procedures on the creation appropriate legal frameworks.
Ukrainian policy on cryptocurrencies could considerably move away from that of Russia, if the plans for the establishment of legal frameworks materialize. The Russian authorities have alluded to a restrictive draft law on the use of cryptocurrencies, which should be implemented in July 2018 … while the President of the Duma’s financial markets supports the idea of creating a tax haven for cryptocurrencies in Crimea .
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