This article was originally posted on Bitcoin News - delivering news related to the Bitcoin network from multiple locations around the world. For more follow the link below. Ukraine, now serious about crypto regulation, is setting up a special working group to oversee the completion of the necessary framework.
Dedicated legislation has been making its way through parliament since October. Cryptocurrencies have been addressed as a major topic of discussion during a meeting of the National Cybersecurity Coordination Center on Thursday.
Unsurprisingly, Ukrainian officials also noted the possible use of cryptos to purchase illicit goods, like drugs and weapons. This is what Oleksandr TurchynovSecretary of the National Security Council, said during the meeting of the cybersecurity body.
In his words, when the government is distancing itself from the matter, in a legal vacuum, threats arise for the economy and security of the state. He emphasized the absence of regulatory framework and subordinate statutory instruments. With the fast development of cryptocurrencies around the world, Ukraine cannot leave this question without the due attention, Turchynov stressed.
Following his comments, the NCCC decided to set up a working group and charge it with finalizing all legal preparations to adopt crypto regulation. The National Bank, the Ministry of Finance and the Security Service will be represented in the party, along with other supervisory and law enforcement institutions. They must determine how the cryptocurrency market will be functioning and how the mechanism to monitor transactions and identities will be implemented.
The working group will also be dealing with crypto-taxation. The government experts will develop a mechanism to access data collected by the cryptocurrency exchanges. They will be obliged to keep transaction records under the requirements currently applicable to other financial institutions.
In an interview for Segodnya on Sunday, Pavel Petrenko noted that cryptocurrency transactions would be taking place, one way or the other. Otherwise, these relations will be left outside the law. Financial regulators in the country have already supported parliamentary initiatives to officially regulate the status of cryptocurrencies. Two bills and one amendment have been advancing through parliamentary commissions since their introduction to the Rada last October.
No progress has been reported this year. One of the drafts aims to encompass the circulation of digital coins in Ukraine. Tweaks in the Tax Code should address cryptocurrency income, with unconfirmed reports of possible exemptions and incentives for miners.
A parliamentary report explores the implications of new legislation on the state budget. In a press-release, posted on social mediathe central financial authority said clearly that no plans were in place to issue a new crypto. The National Bank is studying modern innovation technologies and looking into a broad spectrum of possible applications in perspective….
Do you think Ukraine will soon legalize bitcoin and expand its cryptocurrency sector or go for a digital national currency? Tell us in the comments section below. Express yourself freely at Bitcoin. To read more from Bitcoin News follow this link.
Leave a Reply Cancel reply Your email address will not be published.
bro Il y a 8 mois Vipin Sharma Jabar dust information bhai, Thanks a lot for this. BitCrazy s Faucet in a Box Mod Icon BitCrazy s Faucet in a Box Mod.
It often gets stuck on a buy or sell and doesn't move for a few hours. Why not add also a small guide that explain the potential and some examples to set up an easy trade.