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Ukraine is on the verge of legalizing crypto-currency

Ukraine is a step away from the official recognition of the Crypto-currency as a financial “tool” that is, put the tokens on the same financial grounds as stocks and bonds.

In the interview to the newspaper Segodnya, the head of the National Commission for Securities and Stock Market (NSCOFF), Timur Khromayev, said:

Crypto-currencies are more like financial instruments, such as stocks or bonds, rather than means of payment. They are a means of accumulation. We plan to legally recognize kriptovylyuty as such and allow [Ukrainian] people to invest and use them.

Khromaev added that all financial regulators of Ukraine recently discussed issues related to the regulation of digital assets and are on the verge of reaching a consensus. In his opinion, one must accept the fact that the crypto currency has already firmly taken its place in the global financial system. Therefore, it is necessary to create all conditions for the economic development of this activity and introduce tax norms.

He also insisted that international colleagues follow this example. Khromaev noted that Ukraine is following the path of Switzerland, Malta and Gibraltar, and is trying to create a legislative base for the adoption of the crypto currency.

Earlier this summer, Deputy Head of the National Bank of Ukraine Oleg Cheri put forward a model similar to the one currently used in Japan. Its main point is that the financial regulator issues operational licenses for crypto-currency exchanges in the country and controls their operations to ensure compliance with the norms adopted.

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