On 20th July 2018, Timur Khromaev, the head of The National Securities and Stock Market Commission [NCSSM], reported on his Facebook post that the Financial Stability Council of Ukraine has shown support in the concept of regulating cryptocurrency transactions. Whereas, his previous post stated that in the next Financial Stability Board meeting he would consider recognizing crypto units as a financial instrument in order to start off appropriate legal proceedings.
The concept of cryptocurrency regulation demands category recognition of cryptography and tokens with the use of financial instruments. Additionally, it also involves licensing transaction participants and disclosure of certain information.
The National Bank of Ukraine [NBU], National Commission for State Regulation of Financial Services Market, the Minister of Finance and The State Financial Monitoring Services are the government bodies which recognize cryptography and tokens.
Timur Khromaev remarked this as an “Important Step.” This prominent move directs towards building a consensus among the government agencies and financial regulators confirming how prepared the concept is to work with the Verkhovna Rada of Ukraine.
The National Securities head quoted:
“Kryptonian to form a legislative and regulatory framework that will ensure the transparency and quality of the relations between investors and market participants with cryptic currencies.”
In the month of May this year, Khromaev spoke about the importance and necessity of cryptocurrency given that, it has become an integral part of the economic and financial relations.
According to what he believes, the new rules can be formulated taking cryptocurrency into consideration. Hence, the involvement of status, activities, and implications have to be adopted and standardized by financial regulatory bodies.
Aleksandra Skolota, a Facebook user commented:
“Who misses the opportunity to tear down taxes?”
Олег Микитенко, another Facebook user commented:
“When will the whole pointless regulâtion be removed?”
Oleh Shulha, the Facebook user commented:
“Recognize, wrote and what? Hope to rip taxes, sell license, define how to who and where to exchange?
… to you! The Crypt [crypto] does not regulate, and attempts to regulate it will lead to new, decentralízovanih [decentralised] instruments.”
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