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Ukraine Plans to Regulate Cryptocurrency Markets
12/01/2018
Ukraine Plans to Regulate Cryptocurrency Markets

Amid growing global regulatory worries in regards to the digital currency market, Ukraine Plans to Regulate Cryptocurrency Markets as a precaution step.

12 January, AtoZForex Ukrainian authorities are reportedly creating a new working group on cryptocurrency legislation. This news was announced by Ukrainian government this Thursday.

Ukraine Plans to Regulate Cryptocurrency Markets

During the official meeting regarding cybersecurity and infrastructure, Oleksandr Turchynov, the National Security and Defense Council chief has shared his outlook on the matter. He has stated that a lack of regulation in regards to the tech poses a threat to Ukraine’s security and economy.

Following the acknowledgment of these risks, the formation of the new working group has begun. The new group will include officials from the National Bank of Ukraine, the Ministry of Finance, the National Securities and Stock Market Commission and the National Police, among others.

The key purpose of this working group will be to determine which agencies will have the authority to oversee the domestic digital currency market. The group will also create a system for collecting income taxes that are related to the cryptocurrency trading.

Will Ukraine issue its own cryptocurrency?

The official announcement from the Ukrainian government states:

 “Moreover, the authorities were assigned to develop a mechanism for ensuring access of law enforcement bodies to the data of cryptocurrency exchanges with the obligation of the given subjects to store information about all transactions within the period established by law for financial institutions and disclosure of customer information on a motivated request.”

Remarkably, the statement mentions that the National Bank, the central bank of Ukraine, may create its very own cryptocurrency. The officials state:

“The National Bank of Ukraine is considering the relevance of establishing its own cryptocurrency,”

The formal bill would put cryptocurrency exchanges under the supervision of the central Ukrainian bank. The proposed law included some provisions that concentrate on the taxation and oversight of the cryptocurrency exchanges. The legislation also contained a provision in regards to the domestic mining operations.

Yet, the proposed legislation has not yet been passed into the law. In addition, the officials do not indicate any particular timeline for this process.

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