It seems like the Ukranian government has finally come to a decision to back the cryptocurrency regulators. This decision has been taken as an effort to bring some order to this crypto market in Ukraine. Every country throughout the globe has been struggling with this new finance giant industry – Cryptocurrency one way or another.
New Crypto Regulations to be Formed in Ukrania
The news does not end here, Ukraine’s Financial stability council has been shown the green flag to build new cryptocurrency regulations. This news from the SSMCS’s that is National Securities and Stock Market Commission head caught fire in no time around the globe once it was publicized over Facebook on 20th July.
Explaining further, Timur Khromaev, the SSMCS’s head elaborated the complete plan. He said the concept will involve the classification of cryptocurrencies and their token as the financial instruments. This, in turn, will help them establish the functionalities and roles of different governmental bodies, he said. Elaborating further he clarified that all the crypto transactions will then require a proper license.
The Regulatory Framework for Crypto Market in Ukraine
As described by the council, this is one of the first steps to build some regulation for crypto-market. This proposed regulatory framework will ensure the high-level transparency in the interaction between the crypto market participants and investors. The idea to recognize the cryptos as financial instruments were actually proposed by NSSMC only back in May 2018.
Khromaev also appreciated the crypto market and said that this industry has actually allowed the market to become a significant part of the economy relation on a global scale.
It was just a month ago when Ukraine’s state special communication service implicated that the state has no interest in regulating crypto-mining. To be exact, this was actually the response they gave to the request sent to them by Better Regulation Delivery Office (BRDO).
Unlikely to what they said back then, the state of Ukraine has finally stepped up and is soon going to introduce a regulatory framework for the crypto market.