Ukraine Leads the Crypto Regulatory Idea

Timur Khromaev, the head of the National Securities and Stock Market Commission (NSSMC) said on a Facebook post on Friday that a new crypto regulation plan has been supported by the Ukranian government.

The plan establishes the recognition of cryptos as financial instruments and the roles of the government in regulating these instruments.

This plan was created by officials from various regulatory authorities such as the National bank of Ukraine, Ministry of Finance, National Securities Commission, the Deposit Guarantee Fund and the Financial Stability Council.

Khromaev commented

The head of the National Securities and Stock Market Commission (NSSMC), Timur Khromaev said: “This is an important first step in building a consensus among government agencies and financial regulators which confirms the readiness to work with the Verkhovna Rada [the unicameral parliament of Ukraine] and the crypto market on forming a legislative and a regulatory framework that will ensure transparency and quality of relations between investors and crypto market participants,”

According to Ukraine’s local media reports, the country is ranked at the top 10 digital coin users countries in the world.

Ukraine also develops a very productive and attractive pool for crypto miners. Last month the country announced that they do not have any plans to regulate or require a license to mine cryptocurrencies. The announcement came from the country’s State Service for Special Communications and Information Protection.

This article was written by Marios Athinodorou, TeleTrade’s market analyst, and commentator. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars here.