Ukraine, now serious about cryptographic regulation, is setting up a special working group to oversee the completion of the necessary framework. Specific legislation has been making its way through parliament since October. The National Bank plans to issue "e-hryvnias", while the Minister of Justice says that bitcoin is a fact and asks for its legalization.
Cryptocurrencies were treated as a major topic of discussion at a meeting of the National Cybersecurity Coordination Center on Thursday. Participants took a closer look at what they termed "uncontrolled circulation of cryptocurrencies on the territory of Ukraine," Froklog reported. According to representatives of the National Bank, the Ukrainian Security Service and the National Police, the lack of control and the anonymity of transactions create conditions conducive to the laundering of money acquired through criminal activities. Unsurprisingly, Ukrainian officials have also noted the possible use of cryptos to buy illicit goods, such as drugs and weapons. The "black list" would have been incomplete if the financing of terrorism was not mentioned,
The development of the cryptocurrency market can not be left unattended.
This was stated by Oleksandr Turchynov, secretary of the National Security Council, at the meeting of the cybersecurity body. According to him, when the government distances itself from the issue, in a legal vacuum, threats arise for the economy and the security of the state. He highlighted the lack of a regulatory framework and subordinate regulatory instruments. With the rapid development of cryptocurrencies around the world, Ukraine can not leave this issue without the necessary attention, Turchynov stressed.
Following its comments, the NCCC decided to set up a working group and task it with finalizing all the legal preparations to adopt the crypto regulations. The National Bank, the Ministry of Finance and the security service will be represented Calls for "Legal Bitcoin" in Ukraine, as Natsbank Mulls E-Fiatwithin the party, as well as other law enforcement and control institutions. They need to determine how the cryptocurrency market will work and how the transaction and identity monitoring mechanism will be implemented. The working group will also deal with crypto-taxation.
Government experts will develop a mechanism to access data collected by cryptocurrency exchanges. They will be obliged to keep the transaction records under the requirements currently applicable to other financial institutions. Cryptographic companies will have to reveal information about their customers when a "reasoned request" is submitted by the authorities.
The meeting on cybersecurity was held a few days after a statement by the Minister of Justice that "Bitcoin must be introduced in the legal field". In an interview with Segodnya on Sunday, Pavel Petrenko noted that cryptocurrency transactions would take place in one way or another. That's why, he thinks, it would be better for Bitcoin to be regulated right away.
"Bitcoin is already an important part of market transactions, including those of goods and services. It is a fact ! ", Said the government official, referring to the case as a fait accompli. He added that every state and international organization must respond to this "transnational public phenomenon". Otherwise, these relationships will be left out of the law. It does not matter, they will continue to exist anyway, "added Petrenko.
The Minister of Justice of Ukraine also thinks that his country should work with the EU and the United States to provide a unified legal definition of bitcoin. The Calls for "Legal Bitcoin" in Ukraine, as Natsbank Mulls E-FiatKyiv official reaffirmed the willingness of his ministry to join other Ukrainian institutions actively involved in legal matters. The country's financial regulators have already supported parliamentary initiatives to formally regulate the status of cryptocurrencies.
Since their introduction to the Rada last October, two bills and one amendment have been adopted by the parliamentary committees. No progress has been reported this year. One of the projects aims to encompass the circulation of digital parts in Ukraine. Another focuses on "stimulating the market for cryptocurrencies and their derivatives". Adjustments in the Tax Code should address cryptocurrency revenues, with unconfirmed reports of exemptions and possible incentives for minors. A parliamentary report explores the implications of the new legislation on the state budget.
Hryvnia - "Tak", Crypto - "Ni"
Another announcement of the cybersecurity meeting in Kiev was that the National Bank is considering "the opportunity to issue cryptocurrency". Shortly after, the Ukrainian "Natsbank" corrected this slip.
In a press release, published on social media, the central financial authority made it clear that no plan was in place to issue new crypto. However, the bank is still considering the possibility of issuing a so-called "e-hryvnia", or the fiduciary currency of the nation in electronic / digital form. This could be done as part of the "Cashless Economy" project to speed up banking operations and minimize losses in money transfers.
The National Bank studies modern innovation technologies and examines a wide range of possible applications in perspective ...
Do you think that Ukraine will soon legalize Bitcoin and expand its cryptocurrency sector or opt for a national digital currency?