Ukrainian Financial Stability Council Backs Crypto Regulation Concept

Ukrainian Financial Stability Council expressed support for crypto regulation concept. The concept comprises the idea of recognizing cryptocurrencies and tokens as financial instruments. 

23 July, AtoZ Markets – According to the recent remarks from the head of the National Securities and Stocks Market Commision (NSSMC), Timur Khromaev, the Financial Stability Council of Ukraine has backed a concept for cryptocurrency regulations.

Ukrainian Financial Stability Council Backs Crypto Regulation Concept

Mr. Khromaev has stated that the concept itself includes the recognition of cryptocurrencies and tokens as financial instruments. It also established the roles and functions of governmental bodies regarding those instruments. Additionally, the framework looks into licensing of transaction participants and defining the conditions of information disclosure.

The Financial Stability Council includes the Governor of the National Bank of Ukraine and leaders of the National Securities and Stock Market Commission and the National Commission for State Regulation of Financial Services Markets. It also comprises the Minister of Finance of Ukraine and the Managing Director of the Deposit Guarantee Fund. Members of the Financial Stability Council are responsible for spotting and reducing the risks to the stability of the national financial and banking systems. 

Cryptos became an “integral part of economic and financial relations”

Mr. Khromaev has further stated that this move is “an important first step in building a consensus among government agencies and financial regulators.” It confirms the commitment to collaborate with the Verkhovnaya Rada of Ukraine on the development of legislation and regulations for the cryptocurrency market. The head of the NSSMC has added that the framework aims to guarantee the transparency and improved collaboration between “investors and crypto market participants.”

The idea of cryptocurrency recognition as a financial instrument has been proposed by the NSSMC back in May. Khromaev has highlighted the necessity of legal acknowledgment of cryptos and adapting the position of financial regulators. As per Mr. Khromaev, the development of cryptocurrency sector has pushed markets to become an “integral part of economic and financial relations.”

Earlier last month, the State Special Communications Service of Ukraine has informed the public that it has no plans to regulate cryptocurrency mining. The agency has noted that they did not have plans to issue licenses for cryptocurrency mining. 

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