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According to a new report, the Ukrainian National Securities and Stock Market commission (SSMCS) is interested in recognising Cryptocurrencies as legal financial instruments. In many ways, Ukraine’s stance on Cryptocurrencies is similar to that of India. Ukraine has maintained that Cryptocurrencies can never be a legal tender and there is no regulation against trading. But that might change.
The head of the commission, Timur Khromaev, made the announcement in a Facebook post following the annual conference of the International Organization of Securities Commissions (IOSCO) on crypto and Initial Coin Offerings (ICOs).
According to Khromaev, the crypto industry has developed significantly over the last three years, causing the crypto market to become an “integral part of economic and financial relations.” The SSMCS commissioner highlighted the necessity of legal recognition of cryptocurrencies and adapting the position of financial regulators. Khromaev said that, “the point of no return is in the past.”
Khromaev suggests that crypto assets and operations should be considered within existing legal frameworks on the basis of the principles behind the asset, and not its form i.e. paper or digital. He added that new regulations should consider the dynamic nature of digital assets.
Khromaev says that new rules and regulations for cryptocurrencies will be defined on a national level as “it is still a long way off [for] international standards.”
In October, the National Bank of Ukraine (NBU) reported that its council of experts have approved proposals to determine the legal status of Crypto and there was no update after that. In January 2018, NBU announced that they were considering their own cryptocurrency with their national currency, Hryvnia.