Home CryptoNews Ukraine plans to regulate the use of cryptocurrencies

Ukraine plans to regulate the use of cryptocurrencies

Several authorities of the Ukrainian government have announced on Thursday that they are going to form a working group tasked with studying different approaches for regulating cryptocurrencies.

According to a statement released on January 11, Ukraine’s Security Council held a meeting with their representatives in order to discuss on cybersecurity and infrastructure matters. National Security and Defense Council Secretary Oleksandr Turchynov highlighted concerns over the “uncontrolled circulation of cryptocurrencies in Ukraine”, adding that lack of supervision over these assets could pose “a threat to the economy and security of the state.”

In order to have a better understanding of cryptocoins and trading activities involving these, as well as to develop a legal framework that allows them to regulate and have a broad oversight of local crypto-market, the security council took the decision of setting up a working group integrated by representatives of several institutions, including high officers from the National Bank of Ukraine, the Ministry of Finance, the National Securities and Stock Market Commission, the National Police, among others.

Specifically, the group’s purposes will be oriented to set up the terms and conditions for trading in the local cryptocurrencies market, as well as to “establish the order of monitoring transactions with the use of cryptography and identification of subjects of cryptocurrency transactions,” and defining all the taxations-related procedures for any income from crypto-trades.

Turchynov Cryptocurrencies

The aforementioned statement follows as well:

“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, said statement point to a possible digital currency issued by Ukraine’s central bank. “The National Bank of Ukraine is considering the relevance of establishing its own cryptocurrency,” it reported.

The government of Ukraine had already announced back on August, 2017 their intentions on passing a regulatory framework for all cryptocurrencies in the country, primarily defining the rules for exchange services, as well as setting up taxation and data redemption requirements. This would help to “develop a common position on the legal status of Bitcoin and its regulation”, said an excerpt from that news.

Carlos Teodoro
Carlos Teodoro
Cryptocurrency enthusiast and everything they represent, Carlos is responsible for writing articles, creating images and belongs to the Crypto Economy team since 2017. He is also in charge of the commercial department, social networks and the revision of translations. Carlos continues to train every day to become an expert in the blockchain.
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