Ukraine’s Financial Stability Council Supports Crypto Regulatory Concept

Ukraine’s Financial Stability Council Supports Crypto Regulatory Concept
ôîòî ïîêàçàíî ñ : news.bitcoin.com

2018-7-21 02:10

Ukraine has taken a positive step towards legalizing cryptocurrencies. A new regulatory concept, one that recognizes coins and tokens as financial instruments, has won support from the members of the country’s Financial Stability Council. The body includes representatives of the National Bank, the Finance Ministry and other government agencies.

Also read: Minsk Mulls Rules for Exchanges, Qiwi Awards Employees with Tokens

Ukraine Adopts Regulatory Concept for Cryptocurrencies

It’s been quite a while since Ukraine made any notable progress towards regulating its crypto sector. A new decision in Kiev, however, qualifies as an important development. The country’s Financial Stability Council has supported a concept to regulate crypto transactions. The body is composed of representatives from the National Bank of Ukraine, the Ministry of Finance, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Financial Services Market Commission.

The news about the decision of the council was announced on social media by Timur Khromaev, head of the National Securities and Stock Market Commission (NSSMC). “This is an important first step in building a consensus among government agencies and financial regulators which confirms the readiness to work with the Verkhovna Rada and the crypto market on forming a legislative and a regulatory framework that will ensure transparency and quality of relations between investors and crypto market participants,” Khromaev said in a Facebook post.

The newly approved concept recognizes certain categories of cryptocurrencies and tokens as financial instruments. It also determines the roles and functions of government agencies, such as the National Bank, the Finance Ministry, the State Fiscal Service, the State Financial Monitoring Service, and the NSSMC, in regards to regulating the circulation of cryptos, licensing of participants in crypto transactions, and disclosure of information.

Cryptocurrencies Still Unregulated, Not Legal in Ukraine

The status of cryptocurrencies in Ukraine is still undetermined. Three bills designed to legalize and regulate them and the related economic activities have been filed in the Rada since October but no significant progress has been made towards their adoption. These are the laws “On the Circulation of Cryptocurrency in Ukraine”, “On Stimulating the Market of Cryptocurrencies and Their Derivatives”, and a supplementary draft addressing crypto taxation. The recently voted Currency Law did not mention cryptocurrencies at all.

The NSSMC, one of the regulators that would be responsible for overseeing the crypto industry, did not support the bills introduced in the Rada. At the time, the commission objected to the use of the term “cryptocurrency” in the legal texts, stating that it is a result of what it called “financial engineering” and not a currency. The National Bank, the National Securities and Stock Market Commission and the National Financial Services Market Commission did not recognize cryptocurrencies as legal means of payment or money surrogate.

Cryptocurrencies have been steadily gaining popularity in Ukraine, especially in the last couple of years. Local media claim that the country is among the top 10 by number of crypto users. According to some recent reports, the estimated daily crypto-hryvnia turnover on the three major Ukrainian exchanges reaches $1.9 – $2 million USD. The actual volume may be much higher, given the large number of small trading platforms and individuals offering exchange services.

Do you expect Ukraine to adopt comprehensive crypto regulations? Let us know in the comments section below.

Images courtesy of Shutterstock, Timur Khromaev (Facebook).

Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Ukraine’s Financial Stability Council Supports Crypto Regulatory Concept appeared first on Bitcoin News.

origin »

Emerald Crypto (EMD) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 4.67 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0102727 (-100%)

financial regulatory ukraine concept council stability crypto

Èñòî÷íèê: news.bitcoin.com

financial regulatory → Ðåçóëüòàòîâ: 118


Ôîòî:

Coinbase: Never Needed SEC Approval to List Security Tokens

San Francisco-based Coinbase backpedaled on its Security and Exchange Commision (SEC) approval announcement after previously exciting a furor in cryptocurrency circles for claiming the contrary. Coinbase Backpedals Statements On July 17, 2018, CryptoSlate reported that cryptocurrency exchange behemoth Coinbase received approvals from the SEC and Financial Industry Regulatory Authority (FINRA) to acquire Keystone Capital Corp.

2018-7-20 13:00


US Shopper Fund Guard dog Opens Administrative Sandbox to Blockchain

The Consumer Financial Protection Bureau is launching a regulatory sandbox to encourage blockchain and other financial technology innovation, acting head Mick Mulvaney announced Wednesday. Mulvaney told the newspaper that the new office spearheading the initiative will specifically examine cryptocurrencies, blockchain-based platforms, other private currencies and individual “microlending.” He continued: “You can make a strong argument

2018-7-19 21:57


Regulations Will Be the Death of Bitcoin, Says Nobel Laureate Economist

Speaking with NBC’s Financial News on Monday, Columbia University professor and Nobel Prize-winning economist Joseph Stiglitz spoke disparagingly of Bitcoin and other cryptocurrencies. Among the interview’s biggest highlights are Stiglitz’s comments about the risks of Bitcoin’s anonymity and his assertion that regulatory agencies may possibly “use the hammer” to prevent cryptocurrencies’ further growth.

2018-7-11 01:10


Ôîòî:

U.K. Financial regulation of the end recognizes the potential for blockchain-based boot capability

Finally, the U.K.’s financial regulator, Financial Conduct Authority, started to recognize the benefits that blockchain technology can bring to the society. As it has been revealed, the UK’s Financial Conduct Authority (FCA), the country’s financial regulator, announced that 29 companies were accepted to compose the fourth cohort of its regulatory sandbox. According to the information

2018-7-10 13:25


FINRA Encourages Members To Notify Of Crypto Mining & Digital Asset Related Activities

An important U.S. self-regulatory agency for broker dealers is requesting information to its member firms to submit details about their cryptocurrency activities. The information has been released in a regulatory notice issued on Friday in which the Financial Industry Regulatory Authority requests information about the firms’ involvement in the crypto market. The main intention is […]

2018-7-10 10:43


Ôîòî:

Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”

In recent regulatory news, U. K. minister, Eddie Hughes has published a report that advocates for the creation of a “Chief Blockchain Officer,” the U. K. Financial Conduct Authority has announced that a number of distributed ledger (DLT) companies have been accepted into cohort 4 of its regulatory sandbox, and Finland’s Central Bank has published a report […] The post Regulatory Round-Up: U.

2018-7-7 21:30


Canadian Crypto Owners Love It For The Technology, Not The Speculation

An official survey by the Ontario Securities Commission (OSC) has confirmed Canada’s technology city has a deep interest in the technology behind cryptocurrency, than its financial outcomes. The financial trading regulatory body in Ontario had asked over 2500 Ontarians to provide input on their interpretation of the popular virtual currencies such as bitcoin.

2018-7-5 21:36


Ôîòî:

Malta Passes Blockchain Bill to Confirm Itself as the Blockchain Island

The Parliament of Malta has passed three bills into law that establish a regulatory framework for blockchain technology, local news outlet Malta Today reported July 4. The bills include the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. In May, the Transport Minister of Malta

2018-7-5 07:26


UK Finance Regulator FCA Approves Crypto & Blockchain Companies for 4th Cohort of Sandbox

Financial Conduct Authority Approves Crypto Companies for 4th Cohort of Regulatory Sandbox One of the most important regulatory agencies in the country, the Financial Conduct Authority (FCA), unveiled on July the 3rd, all the firms that were successfully approved to begin testing the fourth cohort of the sandbox. The City regulator named some cryptocurrency and […]

2018-7-5 00:22


FSA Considers Changing Japanese Cryptocurrency Regulations

New information points towards the FSA, Japan’s financial regulating body, changing the legal basis on which cryptocurrencies are overseen in the country. FSA Considers Change to Regulatory Basis As was reported in local Japanese media Sankei on July 3, the Financial Services Agency is considering changing the legal foundation on which cryptocurrency regulation is based, from.

2018-7-3 16:30


Ôîòî:

Abu Dhabi Global Market Launches Crypto Regulatory Framework

The financial authority of Abu Dhabi Global Market has launched a regulatory framework for cryptocurrency activities following the completion of a public consultation. Japan Confirms Entrance Into the Crypto Space Crypto Regulatory Framework Launched Abu Dhabi Global Market (ADGM) announced this week that it has launched a “framework to regulate spot crypto asset activities, including

2018-7-1 05:46


äàëüøå åùå 69 íîâîñòåé →

Ïàðòíåðû Currencies.ru



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Ukraine Shuts Down Illegal Mining Farm With 150 Rigs

Law enforcement officials in Ukraine have closed down a cryptocurrency mining farm that was minting digital coins using stolen electricity. The facility had more than 150 mining rigs that have been confiscated during a raid in Chernihiv region.

Ukraine’s Leading Soccer Team Dynamo Kyiv to Sell NFT Tickets

FC Dynamo Kyiv, the top team in the Ukrainian Premier League, is launching NFT tickets for the 2021 season. The legendary football club, which has the biggest fan following in Ukraine, is also going to offer supporters unique collectible items through a partnership with a blockchain company.

This Company Sets Out to Prove Crypto Mining Has a Place in Your Home

Hotmine, a company based in Ukraine which engineers home appliances for crypto enthusiasts, is not new to mining equipment development. But sometimes it takes the right time and the right technology to be able to create and offer solutions that consumers would be willing to buy and use.

Ukraine Plans to Fully Legalize Cryptocurrencies Within Three Years

The government in Kiev intends to legalize cryptocurrencies and comprehensively regulate the fintech sector as part of a new public policy developed by the economy ministry. The process may take up to three years to complete but eventually the industry built around digital assets should become a legitimate part of the country’s economy.

Alternative Crypto Bills Presented in Ukraine and Russia

Draft laws employing alternative approaches to regulating digital currencies have been introduced in Ukraine and Russia. In Kiev, a bill that classifies cryptocurrency as an asset, unit of exchange and store of value has been filed in the Rada and it’s supported by both deputies and representatives of the industry.

Ukrainians Advised to Pay 19.5% Tax on Crypto Incomes

In the absence of dedicated regulation, Ukrainians are expected to pay the regular 19. 5% income tax rate on their profits from crypto-related activities like trading and mining, a high-ranking official from the Finance Ministry in Kiev explained.